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Form3, Aion Bank and Vodeno to deliver real-time payment processing in Europe

By Megha Bhattacharya

January 19, 2021

  • Europe
  • Form3

form3Full-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.

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