Nationwide moves payments processing to the cloud with Form3
Nationwide Building Society has signed a deal with Form3 to build a baseline for its future payments processing strategy.
The building society is connecting to Form3’s cloud-native payments platform. It has become one of the first major UK financial institutions to deploy the system.
Form3 says its technology can enable a secure cloud-native payments infrastructure to provide greater capacity. It claims regular maintenance can be completed without service interruption for members.
The vendor says its platform is designed “with flexibility in mind”. It says the flexibility makes for easier implementation of new rules and standards.
Otto Benz, payments director for Nationwide, says the deal is “an exciting moment” for both firms.
“Rolling out Form3’s platform is a big step to simplifying and strengthening our payments processing. We expect that we will be processing millions of transactions through our new platform as we migrate services across.”
In August 2020, Nationwide was among a handful of UK financial services providers to invest in Form3 via its Ventures Fund.
Benz adds: “Since investing in Form3 in August last year our teams have been working together to integrate Form3’s platform with our own core processing systems.”
Nationwide says the deployment of the Form3 platform is a step in its ongoing cloud strategy. It builds on its “Speed Layer Technology”, which the society says supports more than 26 million weekly application log-ins.
Form3 CEO Michael Mueller says cloud technology has evolved to a stage where banks can transition to platform-based technology for their core processing.
“Nationwide has been one of the first major financial institutions in the UK to engage in a payment transformation project of this scale,” he adds.