Icon Solutions launches FedNow scheme in the US

Developed by the Federal Reserve, the FedNow Service is an instant payment infrastructure that enables US financial institutions to provide safe and efficient solutions. With approximately 50 collaborating financial entities, businesses and individuals can send and receive instant payments in real-time.

US banks can collaborate with Icon Solutions to assess their FedNow readiness and to understand the requirements, build the business case, and define a strategy for integration according to their objectives. With the integration of its latest scheme pack for FedNow, the IPF enables banks worldwide to complete a successful payment transformation.

As a provider of solutions and technology services, Icon Solutions offers banks the ability to simplify their banking transformation. The company combines domain experts, services, accelerator assets, and technology to enable customers to solve problems, fight complexity, and move toward innovation.

Previously, NatWest selected Icon Solution’s payments framework to improve payments as the bank proceeds to align with ISO 20022 payment data message standards. Through this collaboration, NatWest can leverage a Single Euro Payments Area (SEPA) processing engine together with ready-made scheme packs, including the SEPA Instant capability. This comes as an addition to existing credit transfer and direct debit capabilities that offer customers more choices and establish the foundation for future modernisation.

Back in June 2023, Virtusa Corporation partnered with Icon Solutions to support successful payment transformations for banks globally. The partnership allows the integration of Icon Solution’s IPF into Virtusa to develop an ecosystem designed to help banks achieve their payment transformation objectives. By using this approach, banks can minimise vendor technology lock-in, while remaining in control and leveraging Icon’s payment strategy.