The Swiss National Bank (SNB) and SIX have developed the most recent version of the Swiss Interbank Clearing System (SIC), known as SIC5, which allows banks in Switzerland and Liechtenstein to move money very instantly. By August 2024, large banks must link to SIC5, and the smaller institutions must follow suit by 2026.

IPF is a software development kit (SDK) that comes with a low-code framework that allows banks (and payment processors) to construct customizable and expandable payments processing systems to suit their unique needs. The bank's internal IT staff or an outside system integrator (SI) can handle this, with or without Icon's assistance.

Along with the main product, IPF also provides scheme packs that can be added to reduce implementation times and costs. Scheme packs provide out-of-the-box scheme compliant payment processing for a particular clearing and settlement mechanism. IPF may be used for scheme-compliant payment processing using a variety of clearing and settlement mechanisms worldwide, including real-time and non-real-time, from a single solution because it is payment type and scheme agnostic.

“Many Swiss banks are facing the significant costs and complexity that traditionally come with connecting to new payment schemes and shifting from legacy to real-time processing,” says Donal Fleming, Chief Technology Officer at Icon, in reference to impending mandates for SIC5.The good news is that IPF provides a radically different strategy, allowing banks to integrate swiftly and effectively in the near future—all the while keeping control over their build, expenses, and risks. IPF also offers a long-term basis for innovation because it allows banks to customize the solution to fit their own needs and advance at their own speed, opening up new avenues for growth and income.

Using Icon's vast payments, technical, and integration experience, IPF streamlines payments transformation and is utilized by banks globally. Find out more about IPF and send a demo request by contacting us.