Icon Solutions and MongoDB Benchmark Shows IPF Processing 6,000 Payments per Second with Zero Data Loss Under Failure
Icon Solutions and MongoDB today published the results of a joint benchmark showing that the Icon Payments Framework (IPF), running on MongoDB Atlas, processed 6,000 end-to-end payment transactions per second (around 430,000 database operations per second) with a mean end-to-end latency of 0.51 seconds, and recovered from both application and database node failures with zero data loss.
UBS Invests in UK Fintech Icon Solutions to Shape the Future of Payments Technology
Icon Solutions, the UK fintech enabling banks globally to design and implement state-of-the-art payment systems, has today announced a new equity investment from UBS. Icon has also secured additional funding from existing investors Citi and NatWest.
Icon Solutions Welcomes Citi Executives to its Board of Directors
Icon Solutions has today announced the appointment of James West, Head of Payments’ Business Execution & Platform Modernisation, Citi Services, to its Board of Directors. Amit Rijhsinghani, Head of Payments Technology, Citi Services, has also been appointed as a Board Observer.
NatWest Invests in Icon Solutions Reinforcing Commitment to Payments Modernisation
NatWest has announced a strategic minority investment in Icon Solutions, a leading fintech provider of payments technology and consultancy services. The investment follows the news last September that NatWest selected Icon Solutions Payments Framework (IPF) to accelerate the bank’s payments modernisation.
Icon Solutions: New Research Shows Leading Global Banks Expect Request to Pay to Challenge Direct Debits and Payment Cards
A survey of leading global banks by Icon Solutions has revealed that Request to Pay is widely expected to challenge established payment methods, with 87% of respondents viewing it as a good alternative to direct debits and 71% expecting it will reduce merchant’s dependency on payment cards. Yet 67% also identify bank readiness as the main barrier impacting adoption of Request to Pay services, with the limitations of existing technology and a lack of clear strategy seen as the key inhibiting factors.
Icon Solutions: Biggest Revenue Opportunities From Payments Data Monetisation Revealed in New Research Surveying Global Corporates
Research conducted by Celent on behalf of Icon Solutions and MongoDB has revealed the bank data services that corporates will pay for, and the ones they consider table stakes. Findings show the services that corporate clients would be most willing to pay for are real-time cash balances (84%), enhanced security and fraud prevention (74%) and a single real-time balance dashboard across multiple bank partners (70%). The report also highlights the risk of customer churn as corporates do not expect to pay for services such as virtual accounts and ISO 20022 compliance support and would switch providers to access them.
