NatWest, a major player in the banking sector, has made a strategic minority investment in Icon Solutions, a pioneer in the FinTech industry known for its advanced payments technology and consultancy services.
The collaboration stems from a decision made in September of the previous year when NatWest chose to adopt Icon Solutions’ Payments Framework (IPF) to spearhead the bank’s payment modernisation strategy.
The IPF, launched in 2020, stands out as a low code payment framework that enables payment experts to develop industry-leading workflows. It also facilitates software engineering teams in extending and integrating customisable solutions into existing banking systems seamlessly.
With this investment, NatWest aims to accelerate its strategic goals within the payments domain, offering customers a broader range of options and setting the stage for future innovations in payment solutions. This move is part of NatWest’s comprehensive plan to modernise its payment platform, leveraging existing partnerships to swiftly adapt to the dynamic payment market landscape.
NatWest Chief Payments Officer, Mark Brant, emphasised the importance of the investment, stating, “Our relationship with Icon Solutions has already helped us to bring our payments estate to life. This investment is fundamental to the delivery of our modernisation in payments technology, which will enable us to better serve our customers and to remain at the forefront of the payments industry.
“We continue to play a major role in developing payment innovations for the future, embracing new technologies, standards and capabilities to shape the future of the payments landscape while improving customer experience.
“Combining the scale and resilience of a bank with the speed and innovation of a fintech like Icon Solutions means we can bring new payment services to our customers quickly and safely.”
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