NatWest takes minority stake in UK fintech Icon Solutions

NatWest Group has made a strategic minority investment in fintech firm Icon Solutions, which provides payments technology and consultancy services.

The investment follows NatWest selecting Icon Payments Framework (IPF) in September last year to accelerate its payments modernisation.

Launched in 2020, IPF is a low code payment framework that allows business payment experts to create workflows, along with enabling software engineering teams to quickly extend and create customizable integrations into existing bank systems.

With the investment and ongoing partnership with Icon Solutions, NatWest hopes to accelerate its strategic outcomes in the payment space, provide customers more choice and lay the foundation for future payments innovation. It forms part of a payment platform modernisation plan which will build on the bank’s existing relationships and accelerate its ability to respond to the “rapidly changing” payment market.

“Our relationship with Icon Solutions  has already helped us to bring our payments estate to life,” said Mark Brant, Chief Payments Officer at NatWest. “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.

“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.”

Tom Kelleher, Co-founder and Director of Icon Solutions added: “Overcoming vendor lock in and powering in-house builds with the Icon Payments Framework (IPF), NatWest can now drive change from within. Building new revenue streams, anticipating regulatory change, responding to market changes or competitive pressures.”

Founded in 2009 and based in London, Icon Solutions provides financial institutions with payments technology, subject matter expertise and multi-disciplined services. Its IPF offering is utilised by banks such as Citi, UBS, NatWest and BNP Paribas.

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