UBS Backs Icon Solutions in Strategic Fintech Investment to Accelerate Global Payments Innovation
UBS Joins Citi and NatWest in Backing Icon Solutions’ Push to Modernize Global Payments
UK-based fintech Icon Solutions has secured fresh equity investment from UBS, deepening its strategic ties with the Swiss banking giant and reinforcing its mission to help global banks modernize payment infrastructure. Existing investors Citi and NatWest also participated in the round, further cementing a collaborative push behind Icon’s flagship solution, the Icon Payments Framework (IPF).
The move signals a growing consensus among top-tier financial institutions: legacy payment systems aren’t just outdated—they’re a bottleneck to innovation, speed, and customer satisfaction. And Icon’s open, customizable framework could be the way out.
A Platform Built for Banks, Not Against Them
Unlike many fintech challengers aiming to displace incumbent systems, Icon Solutions empowers banks to build from within. Its IPF platform offers a flexible development framework that allows institutions to design, test, and deploy payment processing solutions at their own pace, without ceding control to external vendors.
For banks operating in an environment of constant regulatory shifts, rising consumer expectations, and real-time settlement pressures, that level of autonomy is game-changing.
“Icon, an important partner of UBS, plays a crucial role in modernizing payment platforms with innovative infrastructure solutions,” said Pieter Brouwer, Head of Group Operations and Technology Office at UBS. “This investment reinforces our partnership and confirms our commitment to deliver faster-to-market, future-ready payment solutions.”
What IPF Offers That Legacy Systems Don’t
At the heart of Icon’s proposition is a promise of speed, modularity, and control:
- Accelerated transformation: Banks can develop and launch modern payment solutions faster than traditional vendor models allow
- Full transparency and cost control: No black-box tech, no licensing surprises
- Proven at scale: Used by major players including Citi, NatWest, and now UBS, the framework has already demonstrated resilience in complex banking environments
This isn’t just about modernizing for modernization’s sake. IPF is designed to enable real-time payments, instant settlement, and advanced transaction orchestration—capabilities increasingly demanded by regulators and customers alike.
A Collaborative Model That’s Working
Unlike many fintechs trying to go it alone, Icon Solutions is leveraging a consortium-style model that enlists banks not just as clients, but as strategic co-developers. By investing in the platform, institutions like UBS, Citi, and NatWest also gain a seat at the table in steering the framework’s evolution.
“This investment round is further endorsement of our founding belief that banks should be empowered to lead their own payments transformation,” said Tom Kelleher, Co-Founder and Director of Icon Solutions.
That collaborative strategy seems to be gaining traction across Europe and beyond, as banks seek vendor-agnostic, cloud-native alternatives to cumbersome core system upgrades.
Why It Matters in the Broader Payments Landscape
The investment comes at a time when instant payments and ISO 20022 compliance are forcing banks worldwide to rethink their legacy infrastructures. Meanwhile, newer players are eroding margins and customer loyalty with faster, more flexible platforms.
Rather than trying to rip and replace entire systems, Icon’s modular approach offers a more pragmatic middle ground—letting institutions iterate quickly while maintaining operational stability.
With UBS on board, Icon not only gains capital but also greater credibility and potential distribution in high-stakes markets like Switzerland, the EU, and beyond.
