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UBS Invests in Icon’s Payment Modernization Efforts
- UBS has made an equity investment in payments technology FinTech company Icon Solutions.
- The investment was announced on June 18 and follows additional funding from existing investors Citi and NatWest.
- UBS views Icon as a crucial partner in modernizing payment platforms with innovative infrastructure solutions.
- The investment solidifies the partnership between UBS and Icon to deliver faster and future-ready payment solutions.
- UBS, along with Citi and NatWest, will utilize Icon's Payments Framework (IPF) for their payments modernization programs.
- IPF allows banks to speed up the development, testing, and deployment of payment processing solutions while controlling costs and timelines.
- Icon's director and co-founder, Tom Kelleher, believes that banks should take the lead in their payments transformation, indicating confidence in IPF.
- PYMNTS highlights the increasing importance for banks to modernize in response to consumer preferences for instant payments and small businesses seeking faster access to funds.
- Research shows a growing preference for instant disbursements, with virtual accounts offering banks a competitive edge in meeting these evolving customer needs.
- Virtual accounts present an opportunity for banks to turn disbursements into customer-centric services that go beyond just transferring money.
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