GoCardless, the bank payment company, announces that it has selected Form3, the cloud-native account-to-account platform, to provide them with Bacs payment connectivity to “support the scale up of UK operations.”
Form3’s technology solution provides GoCardless with improved operational and technical resilience to “ensure that service continuity is maintained as its UK business grows.”
As a bank payment provider in the UK, GoCardless reportedly processes “over 4% of the UK’s Direct Debit volume (based on data from PayUK).”
With over 250 million payments now going via Bacs annually, implementing a solution with “bank-grade payment submission channels has been a core part of GoCardless’ growth strategy.”
Neil Turner, Chief Technology Officer, GoCardless says:
“Tens of thousands of customers in the UK trust GoCardless to collect their payments and keep cash flowing within their businesses. Having the right systems in place to process these payments, and the ability to potentially handle millions more transactions each month is fundamental to our business. Form3 has the reputation of offering fast and resilient payment processing that can match our ambitious growth. We look forward to working with them.”
Mike Walters, Form3’s CEO, says:
“Form3 has the payment technology that GoCardless can rely on for operational resiliency, speed, and the ability to scale, to support its UK business growth. Today’s announcement further demonstrates how we help the biggest and most ambitious fintechs with their next phase of expansion. We’re proud to work with GoCardless.”
Form3’s account-to-account platform gives GoCardless the flexibility to connect “to other payment schemes across the UK and Europe in the future.”
This can further support “scale up activity, as and when it is required.”
As noted in the update, Form3 is the account-to-account platform.
Founded in 2016, Form3 set out to enhance 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 and Europe’s Tier1 banks and fastest-growing fintechs “to handle their critical payments architecture.”
As covered, GoCardless is a global bank payment company.
Businesses, from start-ups to household names, use GoCardless to “collect and send payments through direct debit, real-time payments and open banking.”
GoCardless says that it “processes $130bn+ of payments annually across 30+ countries; helping customers collect and send both recurring and one-off payments, without the chasing, stress or expensive fees.”
They reportedly use data and insights to “improve payment success, reduce fraud and, with open banking connectivity to over 2,500 banks, help our customers make faster, more informed decisions.”
They are headquartered in the UK, with additional “offices in Australia, France, Ireland, Latvia and the United States.”