Icon Solutions helps Form3 extend their Payments-as-a-Service platform beyond UK real-time payments with the implementation of their IPF to build new IP functionality and connectivity to SCT Inst.
The Client
Form3 delivers a Payments-as-a-Service platform to world leading Banks, Non-Bank Financial Institutions and FinTech’s. Barclays Bank is amongst their blue chip investors. Form3 are renowned for coupling their technology with banking relationships, to facilitate agency payment services through clearing and settlement services including UK Bacs (Batch), Faster Payments (Batch & Real-Time), CHAPS, International, SEPA and SWIFT.
Their Challenge
Form3 needed to extend their Payments-as-a-Service platform beyond UK real-time payments to include SCT Inst processing across Europe. They required a payments solution that would enable their clients to integrate with domestic and international Instant Payments (IP) schemes.
Icon Solutions was selected and engaged to provide the technical payment expertise needed with this transformation and to implement their IPF, a dedicated real-time solution. IPF enabled Form3 to build new IP functionality and connectivity to SCT Inst, in a highly stable environment that de-risked development and accelerated service deployment. This initiative gives Form3 clients direct technical access to the EBA Clearing’s RT1 service to initiate and receive SCT Inst payments. IPF is deployed in Form3’s native cloud-based infrastructure.
Client Benefits
IPF enabled Form3 to focus their resources on delivering returns for their clients through the scalability and resilience of infrastructure running 24x7x365 to access SEPA Instant payments.
Mike Walters, Chief Product Officer at Form3:
“Form3 is the next generation of native cloud payments platform, built for performance and scalability to access multiple payment schemes. Partnering with Icon was a great fit as they demonstrated both a deep understanding of real-time payments and delivered a technology approach that was in line with our own cutting-edge architecture.”
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