The firm, which counts institutions such as BNP Paribas, HSBC and Lloyds Banking Group among its client base, helps banks to re-engineer their payments plumbing to take advantage of new innovations from real-time payments.

Sara Castelhano, Emea head of payments, digital and solutions, JPMorgan Wholesale Payments, says of the investment: “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.”

Icon says it will use the funds to invest in its technology and geographic reach and to accelerate development of its new cloud native, open source-based payments platform IPF.

Tom Kelleher, co-Founder and commercial director at Icon, says: “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 JPMorgan 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.”

The value of the investment was not disclosed.

Icon Solutions is a key sponsor of Virtual EBAday, and will be participating in a panel discussion on 25th November:

12:20-13:00

Improving agility through arising technologies

How can the cloud and Payments as a Service (PaaS) act as an enabler for Open Banking? How do technologies such as AI and deep learning help PSPs become more agile by turning their big data into valuable customer insights and reducing their reaction time?