Form3 & Mastercard partner for access to real-time payment infrastructure

By Megha Bhattacharya

Payment technology provider Form3 has 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.

Michael Mueller, Chief Executive Officer at Form3 said, “Our partnership with Mastercard will enable Form3 to accelerate its ambitions to grow on an international scale while complementing the services we have today and those we are building for the future. The power of cloud-based architecture to safely and securely handle significant payment processing volume in near real-time is now a very real opportunity for large financial institutions. Together with Mastercard, we are set to make our global ambitions a reality.”

Recently, Form3 teamed up with Countingup and PPS in a bid to transform UK SME banking. The model created by the companies aims to benefit the UK SMEs by saving 8-20 hours and £15-50 per month on running SME business finances and accounting tasks.

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. The new shareholders join existing investors Angel Co-Fund and Barclays.

Gregor Dobbie, CEO of Vocalink, a Mastercard Company, commented, “This partnership with Form3 will directly deliver against our multi-rail strategy to enhance more payment flows for our customers. In today’s rapidly changing payments landscape, it’s critical that we evolve our solutions and continue to improve transactional speed, convenience and security for all our stakeholders across the world.”