UK-based paytech company SumUp has partnered with cloud-based payments platform Form3 to gain direct access to the UK Faster Payments Scheme (FPS) and Bacs Scheme. Through this collaboration, SumUp aims to enhance its business account offering for UK customers by leveraging Form3’s payment processing capabilities.
Facts
- SumUp has partnered with Form3 to gain access to the UK Faster Payments Scheme and Bacs Scheme.
- SumUp will connect to Form3’s platform through a single API to manage payment processing.
- Barclays will provide scheme settlement with the Bank of England on behalf of SumUp, as part of a unique model by Form3.
- Being one of only 40 direct members of FPS, SumUp will benefit from more resilient and reliable payments, scalability, and reduced processing costs.
- SumUp chose Form3 as its partner due to the latter’s established reputation, operational resiliency, scalability, and ability to support SumUp’s growth plans.
- SumUp, founded in 2012, provides payment solutions to over four million merchants across 35 countries, offering various services such as terminal hardware, business accounts, e-commerce, remote payments, invoicing, and point-of-sale registers.
- Anna Kuriakose has been appointed as SumUp’s new Chief Product Officer (CPO) and will focus on strengthening the product team and driving the company’s product strategy to meet the needs of small businesses. Kuriakose brings over 20 years of experience, having previously held product-related roles at Meta, JustGiving, TotallyMoney, and Skype.
