Icon Solutions today announces that it has developed and launched a new SIC5 scheme pack for its Icon Payments Framework (IPF) – the payments solution putting global banks in control – to accelerate support for domestic instant payments in Switzerland.
SIC5 is the latest generation of the Swiss Interbank Clearing System (SIC) from the Swiss National Bank (SNB) and SIX, enabling the near real-time transfer of funds between banks in Switzerland and Liechtenstein. Large banks are mandated to connect to SIC5 by August 2024, followed by remaining banks in 2026.
IPF is a low-code based framework with an accompanying software development kit (SDK) that enables banks (and payment processors) to implement payments processing solutions that can be customised and extended to meet their specific requirements and circumstances. This can be done by the bank’s own IT team or a third-party system integrator (SI) with or without involvement from Icon.
In addition to the core product, IPF also offers optional scheme packs that offer out-of-the-box scheme compliant payment processing for a specific clearing and settlement mechanism, significantly reducing implementation times and costs. As IPF is payment type and scheme agnostic, it can be used for scheme compliant payment processing with a multitude of clearing and settlement mechanisms around the world, including real-time and non real-time, from a single solution.
“With upcoming mandates for SIC5 on the horizon, many Swiss banks are facing the significant costs and complexity that traditionally come with connecting to new payment schemes and shifting from legacy to real-time processing,” comments Donal Fleming, Chief Technology Officer at Icon. “The good news is that IPF offers a fundamentally different approach, enabling banks to quickly and efficiently integrate in the near-term - while maintaining control of their build, costs and risks. IPF also provides a long-term foundation for innovation, as banks can accelerate at their own pace and tailor the solution to meet their unique requirements, unlocking new opportunities and revenue streams.”
IPF combines Icon’s extensive payments, technical and integration expertise and experience, and is used by banks worldwide to simplify payments transformation. Learn more about IPF and get in touch to request a demo.