British payments technology outfit Icon Solutions has secured an equity investment from US banking giant Citi. Terms were not disclosed.
In addition to the investment, made through Citi Treasury and Trade Solutions (TTS), the bank plans to expand its use of the Icon Payments Framework to enhance its micro-services orchestration architecture.
The partnership is part of a multi-year payment platform modernisation effort from Citi as it bids to prioritise flexibility and accelerate the bank’s ability to respond to the exponential pace of change in payment infrastructure and the regulatory environment, as well as evolving client demands.
Debopama Sen, head, payments, Citi TTS, says: “We are on a journey to unlock the full potential of the Citi network and respond to the need for a streamlined and efficient payment processing system. Through this relationship, we are removing platform complexity across our multiple products by following a process of ‘de-platforming’ common business services and creating reusable and extensible services that can be orchestrated using the IPF framework.
“Our new approach will empower our engineering teams to respond quicker and more efficiently to industry developments, such as ISO 20022, and deliver high-quality innovation and functionality for our clients.”