SumUp, a global financial ally serving over 4 million businesses, has entered a partnership with Form3, a leading cloud-native account-to-account payments platform.
SumUp is renowned for its comprehensive payment solutions that cater to businesses of all sizes worldwide. Meanwhile, Form3 is a trailblazer in the FinTech sector, known for its robust, cloud-native payment platform offering seamless connectivity to financial systems.
The collaboration aims to enhance SumUp’s business account offerings for its UK customers by providing direct access into the UK Faster Payments Scheme (FPS) and Bacs Scheme. This move is targeted at improving the range and quality of financial solutions available to UK-based small and medium businesses.
In its role as a leading financial services provider, SumUp offers a range of services including card readers, online payments, invoicing and third-party integrations to businesses around the world. Form3 specialises in providing a secure and flexible cloud-native, API-first platform for businesses and banks to execute and manage their payments effectively.
Under the partnership, SumUp will connect to the Form3 platform via a single API, with Form3 handling the payment processing. Barclays will pioneer a unique model to provide scheme settlement with the Bank of England on SumUp’s behalf, thus enabling SumUp to develop unique products for its UK small and medium business customers.
Form3 CEO, Michael Mueller, commented, “SumUp is a major name in mobile point of sale and our core values very much align; a tech-first approach to payments with a primary goal of delighting customers. We are very pleased to support their expansion and aid their mission to support small and medium businesses which is the lifeblood of the UK economy. SumUp is yet another Faster Payments direct participant choosing to use Form3 technology, further strengthening our position as the leading cloud-native account-to-account payment platform for the world’s leading banks and fintech organisations.”
Direct scheme participation is expected to yield multiple benefits for SumUp, including more resilient and reliable payments, the ability to seamlessly scale, and a reduction in their total processing costs as they continue their rapid expansion. The fully managed service from Form3 also shields SumUp against potentially disruptive scheme and regulatory changes such as the New Payments Architecture (NPA).
David Tatarishvilli, Head of Business Operations Banking Tribe at SumUp, said, “Having thoroughly assessed the UK market, Form3 was the standout candidate. We are delighted to partner with Form3 as our payments provider for UK Faster Payments. Form3’s established reputation in the market, proven operational resiliency and ability to scale with our growth plans made them our chosen partner. As a platform, Form3 can also help us break into new markets and create new payments offerings, so we are very excited about what the future holds.”
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