SumUp partners with Form3 to boost growth in the UK

Thursday 6 July 2023 14:11 CET | News

Fintech SumUp has selected A2A payment platform Form3 to provide direct access into the UK Faster Payments Scheme (FPS) and BacS Scheme.


SumUp will connect to the Form3 platform via a single API where Form3 will manage the payment processing. In a unique model pioneered by Form3, Barclays will provide scheme settlement with the Bank of England on SumUp’s behalf. This will enable SumUp to build and create unique products for its UK small and medium business customers.

Fintech SumUp has selected A2A payment platform Form3 to provide direct access into the UK Faster Payments Scheme (FPS) and BacS Scheme.

Form3 supports SumUp’s expansion

Representatives from Form3 expressed that SumUp holds a significant position in the mobile point-of-sale industry and shares aligned core values. Both companies prioritise a technology-centric approach to payments, driven by a strong commitment to serving customers. Form3 is happy to provide support for SumUp's expansion and contribute to their mission of assisting small and medium-sized businesses, which are vital to the UK economy. SumUp's decision to utilise Form3 technology as a Faster Payments direct participant further solidifies Form3's standing as a cloud-native platform for seamless account-to-account payments, catering to both banks and fintech organisations.

Direct scheme participation will lead to many benefits for SumUp including more resilient and reliable payments, the ability to seamlessly scale, and to reduce their total processing costs as they continue their rapid expansion. Form3’s fully managed service also futureproofs SumUp against the potentially disruptive impact of mandatory scheme and regulatory changes such as the New Payments Architecture (NPA).

SumUp's spokesperson expressed their satisfaction with the UK market evaluation and declared Form3 as a partner of choice. They are happy in forming a partnership with Form3 to serve as their payments provider for UK Faster Payments. Form3's reputation in the industry, demonstrated operational resilience, and capacity to accommodate their expansion plans were the key factors that led to their selection as the preferred partner. Additionally, SumUp anticipates that Form3's platform will facilitate their entry into untapped markets and enable the development of innovative payment solutions, generating interest for future prospects.

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Keywords: Form3, API, account-to-account payment, SMEs, POS
Categories: Payments & Commerce
Companies: Form3, SumUp
Countries: United Kingdom
This article is part of category

Payments & Commerce




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