Form3, the cloud technology provider of Payments-as-a-Service processing for banks and regulated fintechs, today announced that myPOS Europe Ltd., a leading card payments provider to small and medium-sized businesses, is live with it’s real-time service for UK Faster Payments.
This brand new service allows customers of myPOS operating in the UK, or dealing with UK partners and suppliers, to benefit from instantaneous payments, reducing payment times from what was previously three days to less than ten seconds. Instant settlement has always been important for myPOS, who are one of the only providers on the market guaranteeing immediate pay-out to the merchants account.
Form3 uses cloud-native technology, API’s and micro-services to provide myPOS with a fully managed payments technology service which has also enabled myPOS to implement its own dedicated / portable sort code and addressable account numbers (domestic and IBAN’s) as part of a full agency banking service. This new service improves transparency for the merchants using the myPOS service, empowering them to send and receive GBP Payments almost immediately - 7 days a week, 24 hours a day, 365 Days a year.
Adam Moulson, Chief Customer Officer at Form3, states: “We are delighted to be working with the team at myPOS to help them create compelling propositions that truly benefit their customers through improving access to the UK national payments infrastructure . For too long, access to real-time payments has been limited to only a handful of banks. Our mission is to help break down these barriers so that real-time payments become economically viable for businesses of all sizes.”
Andrew Byrne, Chief Operating Officer, myPOS Europe, said: “Our partnership with Form3 is allowing our clients to benefit from real-time access to UK Faster Payments in the shortest possible time. The ability to access real-time payments 24x7x365 sets us apart from the competition and allows us to deliver the best possible payments experience to the rapidly growing community of merchants using our service. From the very start, we have taken confidence from the expertise and professionalism that the Form3 team have brought to the project, which has allowed us to spend more time enhancing the service for our customers”.