Icon Solutions, a leading provider of technology and instant payments solutions has just announced its expansion into the Hungarian market by partnering with T-Systems Hungary to provide customers with easier, quicker and more manageable access to immediate payments via Icon’s Instant Payments Framework (IPF).
The strategic partnership comes as Icon moves to consolidate its position at the forefront of instant payment solutions. Current clients of T-Systems will benefit from Icon’s ongoing investment into IPF product development that will enable banks to continually realise financial savings and improve performance.
From 2019, customers of banks in Hungary will be able to make instant credit transfers of up to HUF 10 million (circ.€32,500) and beneficiaries will be able to access these funds within 5 seconds from transfer. This is a major shift from the payment methods that are the norm in Hungary today. IPF is an agile software product that will expedite Hungarian financial institutions’ participation in instant payments.
IPF provides the speed of execution customers demand today to rapidly integrate with FinTech partners. Through its highly scalable, reusable Open API processing layer that supports digital services, IPF futureproofs banks from the demands of tomorrow.
Tom Kelleher, Commercial Director at Icon Solutions said: This is a significant partnership for Icon, and Hungary is an integral part of our growth strategy in Europe. T-Systems have a wealth of experience and trusted relationships in the Hungarian banking community. This partnership validates our shared vision to deliver cutting-edge instant payment solutions and improve the customer experience via our joint extensive technology capabilities and market-leading insights from our team of payment experts.
Balázs Rakovszky, Director of Financial Institutions Business unit at T-Systems Hungary said: T-Systems only works with companies that implement the best practices and are leaders in their field. We are confident that our partnership with Icon will add value to our instant payments service offering and benefit our clients.
The strategic goal of T-Systems is to serve its clients on the highest possible level either through in-house developed products or with partners that can not only bring cutting edge technology, but a deep subject matter expertise to the table. Although T-Systems has a long-standing experience in the payments area, our partnership with Icon is a major step forward to even better serve our clients.
T-Systems Hungary is the largest Hungarian service provider that can cover the entire range of ICT technologies. The company is 100 percent owned by Magyar Telekom and a member of the Deutsche Telekom family, has a clientele comprising of large corporations and public sector institutions, to whom they supply ICT solutions using the latest technological advances and business trends.
The satisfaction of more than its 5000 clients is owed not only to T-Systems Hungary's technological readiness and versatile competences, but also to its customer support system, which brings clients simplicity and peace of mind. T-Systems was the very first in the country to implement a vertical approach in its operation, which is focussed on understanding customer demand and market opportunities, and the provision of services at a high standard. As a partner in digital transformation, T-Systems Hungary endeavours to cooperate with its customers in finding solutions that can genuinely address even the most complex business and operating problems encountered by the customers.
Icon is an independent award winning payment and specialist technology provider serving global financial institutions. From IT strategy, architecture and design, to project delivery and software development, Icon enables institutions to rapidly capitalise on the latest innovative technology and market drivers to reduce costs, boost revenues, and ensure compliance with regulatory and industry standards.
The critical value Icon offers its clients, is the combination of deep subject matter expertise in instant payments, a proven track record in delivering bank critical systems, and a FinTech approach to the use of technology. This is evidenced by longstanding client relationships with some of the most important global financial institutions.