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May 11, 2021

Nationwide partners with Form3 to develop payments strategy

By Evie Rusman

UK building society Nationwide has partnered with cloud technology platform Form3 to help deliver its future payments strategy.

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The society will integrate Form3’s cloud solution into its payments infrastructure, with the aim of creating a more seamless customer experience.

According to Nationwide, the platform was designed to make it easier to implement new rules and standards while also increasing speed of deployment for new features.

Otto Benz, Nationwide’s payments director, said: “This is an exciting moment for Nationwide and for Form3. Rolling out Form3’s platform is a big step to simplifying and strengthening our payments processing. We expect that we will be processing millions of transactions through our new platform as we migrate services across as part of our strategy for payments.”

Nationwide invested in Form3 in August 2020, and since then, both teams have been working together to integrate Form3’s platform with the building society’s processing systems.

“We have made the first step in the process by starting to use the platform for processing member payments, showing the exciting pace of change here at Nationwide – despite the challenges posed by collaborating virtually during Covid,” Benz added.

Nationwide’s cloud strategy 

The alliance is part of Nationwide’s cloud strategy, which aims to use cloud technology to meet growing customer needs.

Michael Mueller, Form3 CEO, said: We are very excited to be part of Nationwide’s journey to migrate to cloud-native technology for much of their service offering. Projects we are running with several large financial institutions in the UK and globally clearly evidence that cloud technology has now reached a level of maturity that allows banks to transition to platform-based technology for their core processing.”

Mueller also said that transitioning to cloud technology enables banks to take advantage of scalability, resilience, security, agility and cost.

“Nationwide have been one of the first major financial institutions in the UK to engage in a payment transformation project of this scale and we are looking forward to working with their team to fully implement the most modern payment technology in the market,” he continued.

The move comes after the society has invested more in its digital operations this year. In March, Nationwide extended its partnership with Indian IT firm Tata Consultancy Services (TCS).

Under the renewed collaboration, TCS will support Nationwide to further strengthen its enterprise agility and operational resilience.

Free Report
img

Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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