Icon Solutions, a provider of payment solutions, has received strategic investment from investment banking and financial services firm JP Morgan.
Icon offers solutions to banks and payment service providers to realise the potential of payments in the real-time.
The company has launched Instant Payments Framework (IPF), a cloud native, cost-effective and collaborative payments platform, that combines open source technology with light-weight integration.
J.P. Morgan EMEA wholesale payments head Sara Castelhano said: “We’re excited to support Icon with this strategic investment as they look to continually build a simplified, collaborative payments ecosystem, driving emerging payments rails and innovation.”
Icon to invest in expanding geographic reach
The company will use the investment to strengthen its technology and geographic reach, helping new and existing customers realise the potential of real-time payments.
Its clients include major international institutions such as BNP Paribas, HSBC and Lloyds Banking Group.
Icon Solutions co-founder and commercial director Tom Kelleher said: “Investment from J.P. Morgan is recognition of our achievements to date in supporting the evolution of the payments industry.
“Looking forward, it’s validation of our vision and ability to support ever-growing demand for technology transformation.
“We will benefit greatly from the scale and insight of a global banking leader and one of the most visionary technology companies in the world, with the flexibility and independence to pursue our innovation and growth roadmap.”
In September, Citi, JP Morgan and State Street have invested in Capitolis, a SaaS platform technology provider for capital markets.
The platform is designed to help financial institutions free up capital and remove hurdles that restrict trading.
