Visa has entered into a commercial partnership with Form3, to reduce the high levels of fraud across real-time account-to-account payments.
The collaboration is set to build upon Form3’s single API connectivity, enabling the London-based organisation to focus on preventing fraud and increasing operational efficiency in real-time payments, whilst also bolstering its ability to expand.
This funding is in parallel to news that Form3 will provide Visa’s clients with access to their best-in-class payments platform, to enable them to modernise their payments’ infrastructure.
Michael Mueller, Form3’s CEO, says: “Today’s Visa funding and partnership announcement demonstrates the confidence that they have in Form3’s ability to deliver for their customers.
“We are delighted with this unique partnership we have built in collaboration with Visa which enables us together to continue to offer best-in-class services for the world’s most established banks and financial institutions.”
The Visa investment will enable Form3 to continue its growth journey, developing new products and services, and expanding into new territories, where the emergence of real-time payment solutions are becoming essential.
The news also highlights the global payments providers’ belief in Form3’s vision to reduce fraud risk across the sector, and deliver an efficient product for their customers.
Jack Forestell, Visa’s Chief Product and Strategy Officer, adds “A2A payments continue to grow in key segments and markets and Visa and Form3’s partnership will look to offer modern cloud-native access to real-time payment infrastructures.
“Together we can grow confidence in real-time A2A payments, as we seek to combine Form3’s FinCrime Orchestration service with Visa’s deep learning AI and real-time risk scoring to help financial institution clients better manage the risk of sending and receiving real-time A2A payments.”
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