Icon Solutions, a provider of instant payments solutions, has entered into a strategic partnership with T-Systems Hungary to foray into Hungarian market and consolidate its position at the forefront of instant payment solutions.

Icon said that T-Systems’ existing clients will benefit from its ongoing investment into Instant Payments Framework (IPF) product development that will allow banks to continually realise financial savings and improve performance.

Icon Solutions commercial director Tom Kelleher said: “This is a significant partnership for Icon, and Hungary is an integral part of our growth strategy in Europe.

“This partnership validates our shared vision to deliver cutting-edge instant payment solutions and improve the customer experience via our joint extensive technology capabilities and market-leading insights from our team of payment experts.”

T-Systems Hungary director of financial institutions business unit Balázs Rakovszky said: “We are confident that our partnership with Icon will add value to our instant payments service offering and benefit our clients.

“Although T-Systems has a long-standing experience in the payments area, our partnership with Icon is a major step forward to even better serve our clients.”

Bank customers in Hungary will be able to make instant credit transfers of up to HUF10m (€32,500) from 2019 and beneficiaries will be able to access these funds within 5 seconds from transfer.  IPF is a software offering that will accelerate Hungarian financial firms’  participation in instant payments.