Card payments provider myPOS Europe has deployed Form3’s real-time service to enable faster payments in the UK.
The new service will enable myPOS customers operating in the UK or other entities dealing with UK partners to receive instantaneous payments from the clients in ten seconds, which earlier used to take around three days.
It will also enable the merchants to send and receive payments in local currency throughout 24 hours in a day.
The collaboration involves the delivery of a complete payments technology service which utilises cloud-native technology, API’s and micro-services.
It also enabled myPOS in implementing its own dedicated/portable sort code and addressable account numbers.
Form3 chief customer officer Adam Moulson said: “We are delighted to be working with the team at myPOS to help them create compelling propositions that truly benefit their customers through improving access to the UK national payments infrastructure.
“For too long, access to real-time payments has been limited to only a handful of banks. Our mission is to help break down these barriers so that real-time payments become economically viable for businesses of all sizes.”
myPOS Europe COO Andrew Byrne said: “Our partnership with Form3 is allowing our clients to benefit from real-time access to UK Faster Payments in the shortest possible time.
“The ability to access real-time payments 24x7x365 sets us apart from the competition and allows us to deliver the best possible payments experience to the rapidly growing community of merchants using our service.”