Cloud-based global payments processor Form3 has 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”.