Form3, the UK-based cloud payment technology provider, has announced that Visa has invested in its cloud-native A2A platform, enabling Form3’s expansion.
The funding comes alongside news that Form3 will provide Visa customers with access to its payment platform, enabling them to modernise their payment infrastructure.
Fighting fraud in real-time payments while expanding reach
The new commercial partnership aims to bring together the two companies’ capabilities to reduce the high levels of fraud in real-time account-to-account (A2A) payments, including building on Form3’s single API connectivity.
Form3 officials said this funding and partnership announcement demonstrates the confidence they have in Form3’s ability to deliver for their customers. By working with Visa, Form3 can continue to provide enhanced services to established banks and financial institutions around the world.
Commenting on the partnership, Visa officials said, “A2A payments continue to grow in key segments and markets, and the collaboration with Form3 is designed to provide modern, cloud-native access to real-time payment infrastructures. Together, they can increase confidence in real-time A2A payments by combining Form3’s FinCrime orchestration service with Visa’s deep learning AI and real-time risk scoring to help financial institution customers better manage the risk of sending and receiving real-time A2A payments.
Visa’s investment will enable Form3 to continue its growth trajectory, develop new products and services, and expand into new geographies where the emergence of real-time payment solutions is becoming essential.
Form3 receives FedNow certification
In July 2023, Form3 successfully completed testing and certification for the Federal Reserve’s FedNow service, a real-time instant payment offering. This certification represents an advancement in the US payments landscape, benefiting both consumers and businesses by providing access to expedited funds and improved cash flow management.
To achieve this certification, Form3 met the requirements of the FedNow Service testing programme and demonstrated its readiness to operate effectively in a 24x7x365 instant payments environment. In addition, Form3 has been actively participating in the FedNow Service Pilot Programme since July 2022.
What does Form3 do?
Form3 is the account-to-account platform. Founded in 2016, Form3 set out to revolutionise the world of payments processing and disrupt the traditional payments infrastructure model with an always-on, cloud-native payments-as-a-service platform. Today, Form3 is trusted by some of the largest tier one banks and global financial institutions in the UK, Europe and the US to power their critical payments architecture.
