Form3, Aion Bank and Vodeno to deliver real-time payment processing in Europe
By Megha Bhattacharya
Full-service digital bank Aion Bank and cloud-based banking-as-a-service platform provider Vodeno have teamed up with UK FinTech Form3 in a bid to implement their next-generation payments platform and offer real-time payment processing, clearing, and settlement for Aion’s European members.
Tomasz Motyl, Chief Information Officer, Aion Bank said, “We built Aion using the Vodeno Cloud Platform which is fully cloud-based and enabled by advanced API technology. In order to build features and services that would make banking digital-first and frictionless for our members we chose the best cloud-native partners, like Form3, to deliver our vision.”
Aion Bank offers an all-inclusive approach to banking, thus giving its Premium Members access to a number of money-saving products, very high-interest rates on savings accounts, ETF based asset management (without any of the typical management fees), competitive rates for loans, and personalised financial advice for a fixed monthly fee of 19 euros. The collaboration is expected to enable Aion Bank to utilise Form3’s API-first payments platform for running real-time payment processing via simple API integration. Aion Bank is powered by the Vodeno Cloud Platform (VCP).
Mike Walters, Chief Product Officer at Form3 commented, “Aion Bank’s aspirations to be a digital first bank that puts the needs of their members at the centre is a perfect fit for the Form3 platform. The speed at which Aion has launched and at which they are scaling can only be done with a cloud-native technology provider like ours.”
Recently, Form3 teamed up with Mastercard in a bid to support banks and financial institutions around the world in connecting to domestic and international payment platforms securely. The companies are expected to combine their capabilities for supporting real-time and batch payment systems. Form3 also completed a strategic equity investment round of $33 million with new shareholders, including Lloyds Banking Group, Nationwide Building Society, and venture capital firm, 83North along with the participation of existing investor Draper Espirit.
IBSi Daily News Analysis
March 22, 2024
Europe
Industry experts stress modernization, sustainability, and AI as cornerstones for future of corporate banking, Finastra study shows
Read MoreIBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage