Form3 Customers Onboarding for Faster Payments Real-Time within 6 Weeks
Form3, the cloud technology provider of payments processing for banks and regulated fintechs, today announced general availability of its UK Faster Payments real-time service (under 2 seconds) with Starling Bank. This brand new service is now available for banks and fintechs wanting to offer their customers a truly real-time experience. Standardised on-boarding and Form3’s internet based API allow customers to go live with a real-time full agency banking service within six weeks.
Maintaining systems for real-time processing, including access to UK Faster Payments, has consistently been a challenge for banks and fintechs striving to create propositions that differentiate them from the competition. Form3, in partnership with Starling Bank, has eliminated these barriers by providing a fully managed, real-time payment processing service available 24x7x365. Customers benefit from individual payments IN & OUT of up to £250,000, their own sort code, fully addressable UK account numbers and IBANs for their end customers, and automated payment workflows which reduce development effort to a simple API integration.
For the first time, Form3’s AWS cloud payment platform provides customers with simple internet based API access to real-time payments. All customers benefit from the performance, scalability and resilience of Form3’s high-grade, fully managed services. Additional access models are also available to support UK Faster Payments, Bacs and the European SEPA Instant equivalent for direct scheme access and full scheme membership.
Adam Moulson, Chief Customer Officer at Form3, states: “Our customers are now benefitting from our standard and proven approach to working through the complexities of accessing and managing systems for real-time payments. As a pure technology service provider, we are not in the flow of our customers funds and are not a Payment Service Provider (PSP). Our customers appreciate that clarity, which allows them to focus on their business whilst Form3 equips them with the best payment technology services. Our offering provides a fully managed service under a single, wholesale, pay-as-you-go commercial contract. This is extremely cost effective for our customers from payment through to bank settlement.”
Julian Sawyer, Chief Operating Officer, Starling Bank, said: “Since partnering with Form3, our clients have benefited from Starling’s Faster Payment real-time settlement services combined with access to the highest grade cloud payments technology. We are excited to be growing this partnership to reduce market barriers and in doing so help banks and fintechs gain access to payment services that most benefit their customers.”
Notes to Editors
Form3 is a fully managed payment technology service combining a powerful AWS cloud processing platform, multiple-scheme payment gateways and a fully managed service model. Form3 provides complete end-to-end Payments-as-a-Service for financial institutions and regulated financial technology firms. Reliable and secure cloud-based access to FPS, BACS, CHAPS, SEPA, SEPA Instant & SWIFT payment schemes and settlement bank partnerships. The service is robust and reliable, trusted by the worlds leading financial institutions. Form3 streamlines and simplifies the operation and cost of payments processing, delivering value back to the business. Form3’s powerful micro-services architecture and API provide a single point of simple access to the full universe of payment schemes. Future-proofed at the point of delivery for complete peace of mind, the result is a straight-forward, easy to use and hassle-free Payments-as-a-Service. Visit http://www.form3.tech/
About Starling Bank
We’re a fintech business with a banking licence, fully regulated by the FCA and PRA. We were granted a banking licence by the Bank of England in July 2016. Starling Bank is directly connected to major payment schemes - including Faster Payments, BACS, SEPA and MasterCard.
We’re not copying the traditional banking model – we’ve learned from it, taking the not-so-good bits and turning them into our best bits. We believe giving our customers access to a mobile market of products and services that best fit their financial needs, helps them on their way to a happier, healthier financial life.
About Starling Payment Services
More details regarding Starling Payment Services are available on our website: www.starlingbank.com/paymentservices
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