Form3 connects Ebury to UK Faster Payments in “industry first” service
Form3, a UK-based cloud tech provider of Payments-as-a-Service processing for banks and fintechs, has gained a new client, Ebury.
Ebury, which specialises in corporate global transaction services, is now live with Form3’s real-time service on UK Faster Payments.
The successful delivery of this new service is an “industry first” under a new agency bank sponsored model, according to Form3.
Ebury’s customers can now move money between UK accounts in under ten seconds. The company is the first ever non-bank participant to join the Faster Payments Scheme.
“Outbound payments to suppliers can now be paid instantly and inbound payments for the initiation of a foreign exchange transactions will be executed immediately,” Form3 states.
This “transformational” payments capability is underpinned by an agency banking service from Barclays.
“For too long, access to real-time payments has been limited to only a few banks,” notes Michael Mueller, CEO of Form3.
“Form3’s mission is to simplify payment back office processing and in doing so ensure that direct access to real-time payments is economically viable for banks or payment service providers of all sizes.”