NatWest has made a strategic minority investment in payments FinTech Icon Solutions.

The move comes after the bank launched a partnership with the firm to roll out its payment platform modernisation plans.

Icon first launched its low code payment framework in 2020.

The bank said that the investment will speed up its plans in the payment space; provide customers with more choice; and lay the foundation for "future payments innovation".

NatWest chief payments officer Mark Brant described the bank's investment as “fundamental” to the rollout of its payments modernisation technology.

“We continue to play a major role in developing payment innovations for the future, embracing new technologies, standards and capabilities to shape the future of the payments landscape while improving customer experience,” he said.

NatWest first announced it was implementing a new low code approach for its payment modernisation strategy last September.

At the time, it said that Icon's payment framework enables it to create workflows and enable software engineering teams to "quickly extend and create highly customisable integrations into existing bank systems".

The partnership also allows the bank to initially use a Single Euro Payments Area (SEPA) processing engine along with ready-made scheme packs, including the recently mandated SEPA Instant capability, as well as existing credit transfer and direct debit capabilities.

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