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.

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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.”

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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.