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October 30, 2020

JP Morgan to invest in Icon Solutions

By Hannah Wright

Leading payment solutions provider – Icon Solutions – has secured strategic investment from JP Morgan.

Icon has extensive experience in developing, implementing and running innovative, mission critical transaction banking solutions.

According to co-founder Tom Kelleher, the investment from JP Morgan is a “recognition of our achievements in supporting the evolution of the payments industry”.

Kelleher continued: “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.”

Icon – which previously built the Instant Payments Framework (IPF) – hopes to utilise the new investment in order to advance the firms technology and geographic reach.

IPF is a cost-effective and collaborative global framework for payment processing, and encapsulates Icons work as a global provider of payments technology and expertise.

The framework is currently used by numerous organisations to process payment between the US and Europe.

Kelleher added: “The payments industry has woken up and realised that the money is in value-added services, not payments processing. The right approach to transforming technology estates reduces costs, increases resilience and supports innovation to deliver more value, while staying in full control. The investment with JP Morgan enables Icon to accelerate our plans and be perfectly positioned to help banks leverage this opportunity to drive new revenues and further develop existing business lines.”

Such acceleration will enable their customers to “do more with less” and unlock the “potential of payments” in a data-driven world, according to the statement released today.

Sara Castelhano, EMEA head of payments, digital and solutions at JP Morgan Wholesale Payments, commented: “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,”

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