Following this announcement, Thought Machine will add the FedNow TCH RTP and SEPA Instant Credit Transfer connectivity into its payment platform, Vault Payments. The partnership aims to bring together the firms’ solutions in order to provide banks and financial institutions with an end-to-end service for secure and efficient real-time payment processing.
In addition, the collaboration will integrate Vault Payments into Form3’s account-to-account platform, offering clients the possibility to benefit from the configuration capabilities of Thought Machine, in conjuring with Form3’s direct connections with multiple secure payment methods and schemes.
Vault Payments represents a cloud-native and API-enabled platform that was developed in order to simplify payment processing for banks, fintechs, and financial institutions. Through this partnership, customers will be enabled to leverage its Universal Payment Engine in order to process all payment types and integrate with several methods, schemes, or regions around the globe. This focuses on offering total payment orchestration control, as well as the possibility of customising payment flows.
Both platforms support ISO 20022 messaging standards, which eliminates the overall resource-intensive migration process. The data richness and standardisation of ISO 20022 will provide users with streamlined processing, improved regulatory reports, and analytics, as well as an optimised experience.
Furthermore, both companies built their services by using cloud-native technologies, which will deliver customers security, scalability, reliability, performance, and disaster recovery as core capabilities and offerings. Form3’s recent strategy of development
UK-based cloud payments technology provider From3 had multiple partnerships and launches in the last couple of months, covering several different geographic areas around the world.
In September 2023, the company announced that Visa invested in its cloud-native A2A platform, in order to facilitate and accelerate its expansion and overall development process. The funding was in parallel with the announcement that Form3 was set to provide Visa’s clients and customers with access to their platform, aiming to give them the possibility to modernise their payments infrastructure.
The commercial partnership focused on bringing the two firms’ capabilities and services together in order to reduce high levels of fraud in real-time account-to-account (A2A) payments, which was included at the time in the process of building on Form3’s single API connectivity. In addition, the deal enabled Form3 to continue to provide optimised solutions for established banks and FIs across the globe.
Earlier in July 2023, the platform completed the procedure of testing and certificating for the FedNow Service, the Federal Reserve’s instant payment solution. The product was set to offer financial institutions across the nation access to secure and efficient instant payment tools in real-time, 24 hours a day, regardless of their size or their location.
According to the press release published at the time, the launch of the FedNow Service was set to deliver a substantial set of benefits for clients and businesses alike, as well as expedited access to funds and cash flow management.
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