The partnership allows NatWest to initially leverage a Single Euro Payments Area (SEPA) processing engine along with ready-made scheme packs including the recently mandated SEPA Instant capability. This is in addition to existing credit transfer and direct debit capabilities that provide customers with more choices and establish the foundation for future innovation.
The modernisation will enhance the end-to-end experience for customers as they seek greater flexibility in their initiation of payment flows. The IPF framework augments business payment experts via low code to create superior workflows along with enabling software engineering teams to extend and create customisable integrations into existing bank systems.
Ian Povey, CIO Payments Technology at NatWest said the low code aspect of the framework (Icon’s IPF) enables organisations to control its delivery and feature richness while the simple extensibility of the capability allows software engineers to focus on high-value integrations and innovation.
Also commenting on this partnership, Tom Kelleher, Co-founder and Director of Icon Solutions added that the mission at NatWest is to deliver a sector-agnostic payments platform to connect everything to everyone. IPF provides a platform to enable the change the bank is working towards, increasing the opportunity to enhance business growth. The relationship between the two companies is a close one, where they both strive to achieve best practices on a daily basis. There are many challenges and opportunities ahead, such as New Payments Architecture (NPA), which they will face together.
In July 2023, NatWest has partnered with Perse and Absolar to help businesses minimise their energy use and carbon footprint.
By partnering with these two companies, NatWest aims to tackle climate change while simultaneously helping small and medium-sized enterprises to benefit financially from lowering their carbon emissions. According to the bank’s research, half of the UK’s carbon reduction ambition could be achieved by UK small and medium-sized enterprises. However, less than 10% of SMEs surveyed said they see climate action as a source for future growth.
The collaboration with Absolar offers businesses tools to assess the potential benefits of solar energy. Absolar's technology remotely assesses a location's solar potential and estimates potential cost savings from using solar power. Reports are typically delivered within 48 hours, allowing businesses to analyse their options and access certified suppliers in their area.
The partnership with Perse provides businesses with personalised recommendations for reducing energy consumption, including optimising energy procurement, making operational improvements, and identifying low-carbon technologies. These recommendations are available instantly and at no cost to businesses.
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