Through this partnership, Icon Solutions’ proven payments solution, Icon Payments Framework (IPF) will integrate with Virtusa to create a thriving ecosystem designed to help banks achieve their payments transformation objectives. The Icon Payments Framework is a low-code, cloud-native, open-source framework that can be used by banks to create their own payment processing solutions. This objective can be achieved by using an IPF software development kit and optional modules or scheme packs.
With this approach, banks can keep vendor technology lock-in at a minimum while remaining in control and leveraging Icon’s payments strategy.
Virtusa specialises in supporting large global banks when they commit to various payment transformation endeavours, including the automation of operations, new scheme/RTP rollouts, modernisation, and client servicing. Following this partnership, Virtusa will work with banks to help them implement the IPF and make sure that it integrates with their payment ecosystems.
In essence, the collaboration between Virtusa and Icon Solutions will enable banks to speed up and solidify their payments transformation programmes using custom solutions developed to address specific business requirements.
In the company press release, officials from Icon Solutions talked about this new partnership and emphasised its potential to provide banks with the necessary capabilities to streamline their payments processing capabilities and help them tap into new revenue streams.
Virtusa representatives highlighted their shared vision with Icon Solutions and revealed a common goal to empower banks on their payments journey by unlocking new opportunities.
Icon Solutions specialises in providing solutions and technology services designed to simplify banking transformation. The company has a proven record of delivering mission-critical solutions for global institutions, and it aims to drive a new generation of banking and payments architecture. Icon uses a team of domain experts, as well as industry-specific services, accelerator assets, and technologies that help customers solve problems and fight complexity.
Virtusa Corporation is a global provider of digital engineering, technology services, and solutions for companies operating in sectors such as financial services, healthcare, communications, media, entertainment, travel, manufacturing, and technology industries.
According to the official press release, Virtusa operates based on an ‘engineering first' approach and leverages its industry know-how and expert teams to solve execution challenges early in the development process. The company also believes in solving problems from the inside out, which allows businesses to respond swiftly to changing needs thus improving project quality while lowering costs.
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