Visa invests in Form3 to reduce fraud and augment real-time payments

This funding is in parallel to news that Form3 will provide Visa’s clients with access to their payments platform, to enable them to modernise their payments’ infrastructure.

Combating fraud in real-time payments while expanding reach

The new commercial partnership aims to bring the two companies’ capabilities together in an effort to reduce high levels of fraud in real-time account-to-account (A2A) payments, which includes building on Form3’s single API connectivity.

Officials from Form3 said this funding and partnership announcement demonstrates the confidence that they have in Form3’s ability to deliver for their customers. The collaboration with Visa enables Form3 to continue to offer enhanced services for established banks and financial institutions around the world.

Also commenting on this partnership, Visa’s representatives said A2A payments continue to grow in key segments and markets and the collaboration with Form3 will look to offer modern cloud-native access to real-time payment infrastructures. Together they can grow confidence in real-time A2A payments, as they seek to combine Form3’s FinCrime Orchestration service with Visa’s deep learning AI and real-time risk scoring to help financial institution clients better manage the risk of sending and receiving real-time A2A payments.

The Visa investment will enable Form3 to continue its growth journey, developing new products and services, and expanding into new territories, where the emergence of real-time payment solutions are becoming essential.

Form3 received FedNow certification

In July 2023, Form3 has successfully completed testing and certification for the Federal Reserve's FedNow Service, a real-time instant payment offering. This certification signifies an advancement in the US payments landscape, benefiting both consumers and businesses by providing access to expedited funds and enhanced cash flow management.

To achieve this certification, Form3 met the testing programme requirements for the FedNow Service and demonstrated readiness to operate effectively in a 24x7x365 instant payments environment. Additionally, Form3 has been actively participating in the FedNow Service Pilot Programme since July 2022.

What does Form3 do?

Form3 is the account-to-account platform. Founded In 2016, Form3 set out to revolutionise the world of payment processing and disrupt the traditional payment infrastructure model, with an always on, cloud-native, Payments-as-a-Service platform. Today, Form3 is trusted by some of the UK’s, Europe’s, and the US’s biggest tier one banks and global financial institutions to handle their critical payments architecture.