NatWest Adopts Low-Code Approach with Icon Payments Framework for Payments Modernisation

NatWest, a leading financial institution, has embarked on a significant journey towards modernizing its payments infrastructure by embracing the Icon Payments Framework (IPF), as outlined in The Fintech Times News. This strategic move is aimed at aligning the bank with the new global ISO 20022 payment data message standards. The partnership signifies NatWest’s commitment to staying at the forefront of financial technology and delivering enhanced services to its customers.

The adoption of IPF empowers NatWest to utilize a Single Euro Payments Area (SEPA) processing engine, initially focusing on pre-designed scheme packs, which include the recently mandated SEPA Instant capability. These additions complement NatWest’s existing Credit Transfer and Direct Debit capabilities, offering customers a broader spectrum of payment options and setting the stage for future innovations.

The overarching goal of this modernization initiative is to elevate the overall end-to-end customer experience. By doing so, NatWest aims to provide customers with greater flexibility when initiating payment flows, making their financial interactions more seamless and convenient.

At the heart of the IPF framework lies its innovative low-code approach. This approach enables business payment experts at NatWest to design cutting-edge workflows, streamlining processes for both customers and the bank. Simultaneously, software engineering teams can efficiently extend and customize integrations into the bank’s existing systems, with a keen focus on high-value integrations and pioneering features.

Tom Kelleher, co-founder and director of Icon Solutions, underscored the significance of this partnership, stating, «IPF provides the best practice platform to enable NatWest to accelerate the bank’s payments modernization. The mission at NatWest is to deliver a sector-agnostic payments platform to connect everything to everyone, IPF provides the best practice platform to enable the change the bank is working towards, increasing the opportunity to enhance business growth.»

Kelleher emphasized the close working relationship between the two companies, highlighting their shared commitment to achieving best practices daily. He acknowledged the challenges and opportunities that lie ahead, including the New Payments Architecture (NPA), which both organizations are poised to face together.

Ian Povey, CIO payments technology at NatWest, also weighed in on the low-code aspect of the framework, saying, «The low code aspect of the framework (Icon’s IPF) empowers and enables organizations 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.»

NatWest’s adoption of the Icon Payments Framework represents a forward-thinking approach to payments modernization, ensuring that the bank remains agile and responsive to the evolving needs of its customers in an ever-changing financial landscape. This partnership underscores NatWest’s commitment to providing cutting-edge financial solutions and enhancing the banking experience for its clientele.