SumUp, the financial partner for over 4 million businesses worldwide, has selected Form3, the cloud-native account-to-account payments platform, to provide direct access into the UK Faster Payments Scheme (FPS) and Bacs Scheme to further enhance its business account offering for UK customers.
SumUp will connect to the Form3 platform via a single API where Form3 will manage the payment processing. In a unique model pioneered by Form3, Barclays will provide scheme settlement with the Bank of England on SumUp’s behalf. This will enable SumUp to build and create unique products for its UK small and medium business customers.
Michael Mueller, Form3 CEO, said:
“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 will lead to many benefits for SumUp including more resilient and reliable payments, the ability to seamlessly scale and to reduce their total processing costs as they continue their rapid expansion. Form3’s fully managed service also future proofs SumUp against the potentially disruptive impact of mandatory scheme and regulatory changes such as the New Payments Architecture (NPA).
David Tatarishvilli, Head of Business Operations Banking Tribe at SumUp, comments:
“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.”
Featured image credit: Edited from freepik.
