SumUp, a financial partner for millions of businesses worldwide, has selected Form3, a cloud-native payments platform, to gain direct access to the UK Faster Payments Scheme (FPS) and Bacs Scheme. This partnership aims to enhance SumUp’s business account offering for its UK customers. Form3 will manage the payment processing, while Barclays will provide scheme settlement on SumUp’s behalf.
Facts
- SumUp has chosen Form3 to access the UK Faster Payments Scheme and Bacs Scheme, aiming to improve its business account offering in the UK.
- Form3 will handle the payment processing for SumUp through a single API, and Barclays will settle the schemes with the Bank of England.
- SumUp’s partnership with Form3 will allow the company to develop unique products for its UK small and medium-sized business customers.
- Direct scheme participation through Form3 offers several benefits to SumUp, including more reliable payments, scalability, and reduced processing costs.
- Form3’s fully managed service will help SumUp future-proof itself against potential disruptive impacts of mandatory scheme and regulatory changes.
- David Tatarishvilli, Head of Business Operations Banking Tribe at SumUp, expresses excitement about partnering with Form3, praising their reputation, operational resiliency, scalability, and potential for breaking into new markets.
- SumUp’s selection of Form3 further strengthens Form3’s position as a leading cloud-native account-to-account payment platform for major banks and fintech organizations worldwide.
