Tier 1 FX dealer JP Morgan invests heavily in payments business

If genuine payment providers for ecommerce which already work with several banks are the target of direct equity investment from the Tier 1 institutions, this should bode well for the FX industry and resolve its payments conundrum

British payments technology outfit Icon Solutions has secured an equity investment of undisclosed value from JPMorgan, demonstrating that electronic payments, a matter critical to the FX industry, is very much on the radar of Tier 1 banks.

The firm, which counts institutions such as BNP Paribas, HSBC and Lloyds Banking Group among its client base, helps banks to re-engineer their payments architecture to take advantage of new innovations from real-time payments.

With the banks looking to bolster the payments sector, there is no excuse for the use of low end, back street money launderers by FX firms to process client withdrawals and deposits.

Sara Castelhano, Emea head of payments, digital and solutions, JPMorgan Wholesale Payments, says of the investment: “We’re excited to support Icon with this strategic investment as they look to continually build a simplified, collaborative payments ecosystem, driving emerging payments rails and innovation.”

Icon says it will use the funds to invest in its technology and geographic reach and to accelerate development of its new cloud native, open source-based payments platform IPF.

Tom Kelleher, co-Founder and commercial director at Icon, says: “The payments industry has woken up and realised that the money is in value-added services, not payments processing. The right approach to transforming technology estates reduces costs, increases resilience and supports innovation to deliver more value, while staying in full control.

“The investment with JPMorgan enables Icon to accelerate our plans and be perfectly positioned to help banks leverage this opportunity to drive new revenues and further develop existing business lines.”

Read this next

Opinion

The FX Algo Wheel, is it wheels up and ready to take flight?

by David Catterick, Sales Director, BidFX Australia

Retail FX

eToro users now can trade underlying Italian stocks

Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.

Digital Assets

BlackRock bets on crypto bank Silvergate despite drastic fall

BlackRock, the world’s largest asset manager, has increased its stake in Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients.

Opinion

A viewpoint from Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, on SEC regulation of the digital asset sector

The SEC’s latest episode comes across as more of a PR performance rather than an act of investor protection.

Digital Assets

Tether denies receiving any loans from Celsius, the opposite is true

World’s largest stablecoin issuer, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius.

Institutional FX

Cboe FX volume makes strong rebound in January

Cboe’s institutional spot FX platform today announced its trading volume for the month ending January 2023, which marks a mild rebound after a steep fall in December.

Uncategorized

XS.com appoints Exness alumni Mohamad Ibrahim as CEO

XS.com, the multi-regulated financial services provider, has appointed Mohamad Ibrahim as the group’s newest chief executive officer (CEO).

Technology

B2Broker Integrates Match-Trader Solution to Expands Its White Label Liquidity Offering

A global provider of technology and liquidity for the FX and cryptocurrency markets, B2Broker recently announced the extension of its white label liquidity offering by merging with Match-Trader.

Digital Assets

UK launches open consultation to regulate crypto exchanges, custody, and lending

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

<