27th January 2020 – Form3 opens up direct access to SEPA Instant payment scheme to nonbank financial institutions with Ebury as the first customer.
Form3, the leading cloud-native, payment technology provider have announced that they will provide direct access to the SEPA Instant payment scheme for Ebury. This will be the first solution in Europe that allows direct scheme access for non-banks like FinTech’s and regulated financial institutions, while using Barclays as their liquidity provider.
For non-banks this industry first model signifies an important step in the democratization of the payments landscape. The model allows them to fully benefit from the advantage of real-time payment processing (such as 24/7 non-stop service and end-to-end processing in under 10 seconds) and to optimally leverage these capabilities towards their customers.
Normally scheme participation would only be reserved for banks or credit institutions, leaving non-banks with an indirect participation option only. Form3 offers Ebury the Directly Connected Non-Settling Participant sponsorship model (DCNSP). As a service provider for both UK Faster Payments and SEPA Instant (EBA/RT1), Form3 has integrated their real-time payment processing platform with both schemes and can thus facilitate technical connectivity to the central scheme infrastructures. Barclays offers settlement and liquidity provision services and this helps Ebury to scale even further.
Michael Mueller, Chief Executive Officer at Form3 said, “Form3 is committed to making payments faster, easier and more cost effective for the global financial community. This includes non-banks. Utilizing our long standing, close partnership with Barclays means, together we can open up access to payment schemes for both the Fintech community and financial institutions more broadly, the value of which can be passed on directly to their customers.”
Toby Young, CTO at Ebury commented, “This new way of directly connecting to SEPA Instant without the need for a central bank account brings real-time payment capabilities within the scope of many smaller banks and other payment providers. It’s encouraging to see the imaginative and flexible technical solution that Form3 has developed and brought to the market.”
Form3 was founded in 2016 to help create better experiences for customers and their users when moving money globally. Their mission is to leverage technology to lower barriers and open up payment clearing and settlement scheme access to financial communities globally in order to move money in real-time.
By combining cutting edge micro-services technology and API’s backed with decades of banking and payments expertise, Form3’s end to end, cloud-native, payments platform enables access to payment schemes including ACH, Direct Debits and real-time transaction processing through a single API. The cloud-native nature of the Form3 platform means that as customers grow, we scale their mission critical payments environment quickly and easily. It’s all automated, no hardware, no software and the service is fully managed by our 24×7 operations team.
What makes Form3 relevant today and in the future is that we continue crafting payment technology solutions that make moving money faster, easier and more economical for financial institutions in their home markets and across borders. By removing the technology and engineering burden from customers means they can focus on delivering new propositions and an enhanced experience to their users.
Our customers include UK, European and US banks, payment institutions, card payment processors and licensed Fintechs, including Tier1 global brands.