Nationwide partners with Form3 to simplify payments infrastructure
By Megha Bhattacharya
Nationwide has teamed up with FinTech Form3 in a bid to connect to its cloud-native payments platform and simplify the former’s payments infrastructure. Form3’s technology is expected to enable the Society to use a secure cloud-native payments infrastructure. The platform is also designed with flexibility in mind, making for easier implementation of new rules and standards as well as increasing the speed of deployment for new features and payments functionality.
Otto Benz, Payments Director at Nationwide Building Society, said, “This is an exciting moment for Nationwide and for Form3. Rolling out Form3’s platform is a big step to simplifying and strengthening our payments processing. We expect that we will be processing millions of transactions through our new platform as we migrate services across as part of our strategy for payments.
“Since investing in Form3 in August last year our teams have been working together to integrate Form3’s platform with our own core processing systems. We have made the first step in the process by starting to use the platform for processing member payments, showing the exciting pace of change here at Nationwide – despite the challenges posed by collaborating virtually during Covid.”
Recently, full-service digital bank Aion Bank and cloud-based banking-as-a-service platform provider Vodeno 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.
Michael Mueller, CEO of Form3, said, “We are very excited to be part of Nationwide’s journey to migrate to cloud-native technology for much of their service offering. Projects we are running with several large financial institutions in the UK and globally clearly evidence that cloud technology has now reached a level of maturity that allows banks to transition to platform-based technology for their core processing. This allows them to take advantage of scalability, resilience, security, agility and cost. Nationwide have been one of the first major financial institutions in the UK to engage in a payment transformation project of this scale and we are looking forward to working with their team to fully implement the most modern payment technology in the market.”
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