ICON-SOLUTIONS
18.9.2023 13:24:29 CEST | Business Wire | Press release
Independent research conducted by Celent on behalf of Icon Solutions estimates that software developer capacity constraints have impacted banks’ payment revenues by 5% over the past two years. This is leading to increasing interest in ‘low code’ tools and platforms to accelerate the delivery of revenue-generating services, while maintaining control of the development process.
Launched today at Sibos, the survey of Tier 1 banks in North America and Europe found that the account-based payments processing model remains under significant and sustained pressure. Despite a high interest rate environment, 61% reported that margins are becoming more difficult to maintain amid evolving customer expectations, increasing regulatory demands and the emergence of new competitors.
These margin challenges are compounded by capacity limitations within the technology function. Many large banks prioritise in-house builds over buying vendor packages for payments processing software to maintain control and competitive differentiation. The ability to deliver change, however, is inhibited and improvement projects are frequently cancelled, de-scoped, or fail entirely to make it onto roadmaps. On average, banks reported missing around four opportunities to launch revenue-generating enhancements to their payment processing offering over the past two years, with the opportunity cost estimated to be around 5% of annual payment revenues.
To overcome this challenge, banks are increasingly exploring the use of low code to realise greater efficiencies, agility and collaboration. Low code involves the use of standardised, pre-built blocks that can be used to rapidly create new code or make changes to existing software through a visual, ‘drag and drop’ interface. This enables software development without manual coding, increasing developer productivity and enabling non-technical product specialists within the bank to contribute to the development process.
While low code has traditionally been restricted to enterprise applications or workflow improvement projects, the research revealed that several large banks are now extending its use into payment processing. 36% of banks reported that they are already using low code to support software development to some extent in non-card payments, with the same proportion actively experimenting or exploring their options. Overall, 90% of banks are planning on implementing low code for non-card payments in the immediate future.
“Low code is not a new concept but is emerging as a very important topic in the payment industry,” comments Kieran Hines, Principal Analyst at Celent. “Many large banks face the same challenges, with the need to deliver payments modernisation and product enhancements stymied by capacity limitations. Several early adopters are now using low code in some areas within non-card payments, and the number of proof points and use cases is building. Underpinning this is a growing consensus that the benefits of low code are both real and realisable.”
Toine van Beusekom, Strategy Director at Icon, adds: “Low code presents a powerful opportunity to reimagine the payments processing value chain, moving payments from cost to profit centre while maintaining control. There is no single approach to leveraging low code to deliver enhanced, revenue-generating services, yet all banks will be required to think differently and assess the full spectrum – from buying a package to a full in-house build – to ensure a unified focus on the customer need. This starts with a clear strategy and an understanding of the underlying architectural requirements needed to realise its transformative potential.”
To download the full report, ‘Using Low Code to Accelerate Payments Innovation: Unlocking Greater Agility and Flexibility’, click here.
Icon will be exploring payments processing strategies in more depth at Sibos. Find the team at stand DISM10 or click here to book a meeting.
-ENDS-
About Icon Solutions
Icon Solutions is a leading specialist provider of services and technology solutions that are simplifying banking transformation.
Icon is the past, present and future of payments. With a proven record delivering mission-critical solutions for global institutions, it is driving the next-generation of banking and payments architecture. Icon combines industry-leading domain experts, services, accelerator assets and technology that empower customers to solve problems, fight complexity and embrace change.
Icon has applied its payments, technical and integration expertise to create IPF: a low-code, cloud-native, open-source technology platform to accelerate payments transformation.
Icon’s clients include leading global banks such as BNP Paribas, HSBC and Lloyds Banking Group.
iconsolutions.com | Twitter/X | LinkedIn | YouTube
Click here to read our privacy policy
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230918717131/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Andersen Global styrker sin tilstedeværelse i Argentina med Fidem Partners30.9.2026 15:20:00 CEST | Pressemeddelelse
Andersen Global udvider sine kompetencer inden for skat og transaktioner i Argentina gennem en samarbejdsaftale med Fidem Partners og styrker dermed sin tilstedeværelse og sit serviceudbud på markedet. Fidem Partners blev stiftet i 2011 og rådgiver virksomheder om skat og compliance, fusioner og opkøb samt outsourcing af forretningsprocesser. Firmaet betjener virksomheder inden for energi, teknologi, finansielle tjenester, landbrug og forbrugsvarer og har stor erfaring med at rådgive datterselskaber af multinationale virksomheder i Argentina. Det bredt sammensatte team trækker på erfaring fra førende rådgivningshuse og erhvervslivet for at hjælpe virksomheder gennem de vigtigste udviklingsfaser. "Det meste af vores arbejde udfører vi for datterselskaber af multinationale virksomheder, der opererer i Argentina, hvor de regulatoriske rammer kræver dømmekraft – ikke kun compliance," udtalte Darío H. Díaz, managing partner hos Fidem Partners. "Samarbejdet med Andersen Global giver vores kl
Blue Matter Launches Behavioral Science Center of Excellence to Decode and Predict Health Care Decisions in a Rapidly Evolving Biopharma Landscape30.9.2026 15:00:00 CEST | Press release
Blue Matter today announced the launch of its Behavioral Science Center of Excellence (BeSci CoE), a specialized capability within the Blue Matter Insights primary market research team. The CoE applies behavioral science as a strategic lens to decode the “why” behind the decisions made by healthcare professionals, patients, care partners, and other stakeholders. Biopharma decisions hinge on knowing why customers do what they do. Traditional research does a good job of capturing what stakeholders say but often misses the unconscious drivers, biases, emotions, and contexts that shape behavior. The result is an incomplete picture in the moments where clarity matters most, including when developing positioning strategies, planning product launches, and making major lifecycle decisions. "You don't need a survey to tell you that physicians see efficacy as the most important treatment decision driver," said Andrew Pilecki, Ph.D., Senior Market Research Director at Blue Matter. "What our clien
Blackfuel Emerges From Stealth with More Than $250 Million in Contracted Revenue to Build a Global AI Token Grid30.9.2026 15:00:00 CEST | Press release
First deployment scheduled to enter service in 2026, combining industrial-scale infrastructure, proprietary inference software and long-term customer commitments. Blackfuel today emerged from stealth with more than $250 million in contracted revenue under multi-year customer agreements, unveiling its ambition to build a global AI Token Grid. Pioneering the AI Token Grid, Blackfuel is building a network of architecture-specific accelerator clusters connected through a common software and commercial layer, designed to turn dedicated compute into measurable, reservable AI output. By collaborating with AMD and NTT DATA, Blackfuel is developing its European-operated inference capacity, beginning with a GPU cluster currently being delivered in Europe. "The cloud was built around virtual machines. The next infrastructure layer will be built around tokens. We are building Blackfuel to become one of the world's defining AI compute companies, starting with our first deployments in Europe. That m
934 Embeds Bluefin Payment Security into Juno to Advance Secure, Connected Hospitality Payments30.9.2026 15:00:00 CEST | Press release
Partnership brings PCI-validated P2PE and tokenization into 934’s connected hospitality payment infrastructure Bluefin, a global leader in payment and data security, and 934, a global provider of connected payment technology for the hospitality industry, today announced a partnership to integrate Bluefin’s payment security capabilities into Juno, 934’s hospitality payment platform. Hospitality businesses increasingly operate across connected payment environments spanning hotels, restaurants, resorts and other guest experiences. Behind those interactions are multiple systems, workflows and payment technologies that must work together while protecting sensitive payment data. Juno is designed to connect those experiences through a unified hospitality payment environment. By incorporating Bluefin’s security technology into the platform architecture, 934 can provide customers globally with access to PCI-validated point-to-point encryption (P2PE) for card-present payments and tokenization fo
Visioneering Technologies' New Contact Lens Trial Shows Landmark Results in Slowing Children's Nearsightedness30.9.2026 14:59:00 CEST | Press release
Completed three-year PROTECT randomized controlled trial finds NaturalVue Multifocal 1 Day contact lens slowed myopia progression by 1.06 diopters and eye elongation by 0.58 mm at 36 months.1,2 Visioneering Technologies, Inc. (VTI), a medical device company that designs and markets specialty contact lenses, will announce completed three-year results from PROTECT, a prospective, double-masked, multinational randomized controlled trial evaluating the company's NaturalVue® (etafilcon A) Multifocal 1 Day Contact Lens for slowing the progression of myopia, or nearsightedness, in children. Ashley Tuan, OD, MS, PhD, VTI's Chief Medical Officer, will present the full findings at the American Academy of Optometry's annual meeting in Anaheim. Myopia develops when a child's eye grows too long, causing distant objects to appear blurry, and it typically worsens through childhood. Faster progression is associated with a higher lifelong risk of more serious eye conditions, including retinal detachmen
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom