Form3, the cloud based end-to-end secure standard for global payments processing, today announced a partnership with Starling Bank, the first mobile-only bank to launch a new current account in the UK and 13th member of Faster Payments. This will further enhance the Form3 Payments-as-a-Service platform by providing an end-to-end managed service for UK real-time payments. For the first time in the UK, this will allow clients a real-time Faster Payments experience using a bank service.
Access to real-time payments in the UK remains a rapidly evolving opportunity for banks and fintechs to enhance their services and differentiate themselves. The partnership between Starling Bank and Form3 will allow clients to make and receive Faster Payments cost-effectively, quickly, and reliably via the cloud.
By combining Form3’s native cloud based infrastructure with Starling Bank’s Payment Services, for the first time clients will benefit from the scalability and resilience of a high grade infrastructure, running 24x7, combined with Faster Payments services all using the same modern API integrations used for payments.
Mike Walters, Chief Product Officer at Form3, states: “At Form3 our clients face some complex decisions about how they gain access to real-time faster payments in the UK and which banking partners can help them to achieve that. Our partnership with Starling Bank shows Form3’s commitment to making sure that managed services for our clients extend all the way from payment to settlement under a single commercial contract. This provides a great option to leverage cloud based technology with simple integrations, a wider range of processing options and reduced time to market.”.
Julian Sawyer, Chief Operating Officer, Starling Bank, said: “Starling Bank are committed to helping fintechs gain access to the banking services that most benefit customers. This is why we are excited to be working with Form3, who will enable our clients to benefit from high standard cloud technology combined with Starling’s well regarded Faster Payment settlement services”.
Form3 is a fresh approach to payment technology and servicing in the cloud. 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 & SWIFT payment schemes and 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 API is 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.
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, 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.
We abide to the industry IAP code of conduct which aims to improve the experience of Indirect PSPs (IPSPs) by clearly setting out the responsibilities of Indirect Access Providers who subscribed to the Code.