Citi has revealed that its Treasury and Trade Solutions (TTS) division has invested in Icon Solutions, a leading fintech provider known for its expertise in payments technology and consultancy services. This investment signifies Citi's plan to further incorporate the Icon Payments Framework (IPF) into its micro-services orchestration architecture.
The collaboration with Icon Solutions will enable the implementation of end-to-end ISO native payments, aligning with industry and regulatory standards. The initiative promises solutions marked by scalability and readiness for cloud integration. It also includes API-driven interfaces, which will improve and speed up client access to data, according to a press release by Northern Face.
In a statement released by Citi, Debopama Sen, Head of Payments at Citi Treasury and Trade Solutions, said: "We are on a journey to unlock the full potential of the Citi network and respond to the need for a streamlined and efficient payment processing system. Through this relationship, we are removing platform complexity across our multiple products by following a process of ‘de-platforming’ common business services and creating reusable and extensible services that can be orchestrated using the IPF framework."
According to information available on the Icon Solutions website, IPF is distinguished by its low-code, cloud-native, and open-source features that expedite payment transformation. This platform provides an alternative approach for banks, addressing both non-functional and functional requirements.
In another statement from Citi, Tom Kelleher, Co-Founder and Director of Icon Solutions said: "We are proud to be working with Citi on their journey towards a truly efficient, flexible payments platform. By reimagining its payments processing to reflect a rapidly evolving ecosystem and emerging customer requirements, Citi can meet the opportunities and demands of tomorrow. IPF offers a sustainable alternative to traditional infrastructure to support this change, empowering Citi to take control, overcome complexity and simplify payments transformation across the organization."