Lloyds teams up with UK fintech firm

Founded in 2016, Form3 focuses on simplifying payments architecture capabilities

Lloyds

Lloyds teams up with UK fintech firm. Source: shutterstock.com

Lloyds Banking Group has announced a partnership with Form3 to accelerate its transformation and enhance customers’ digital experience.

Their collaboration will allow Lloyds to investigate and develop a cloud-native Payments-as-a-Service platform. The platform has the potential to significantly improve the Group’s payment processes, making them more efficient.

Besides, the partnership aims to simplify Lloyds’ payment capabilities and provide support for enhanced data and new overlay services. The Group is also acquiring a minority equity stake in Form3 as part of its next investment round expected to complete in August.

Simplifying payments architecture while enhancing security and performance are critical to our digitization of the Group. The potential of the cloud in payments is enormous and is firmly at the forefront of our strategy. We are committed to working with the most innovative technology providers, including Form3, to deliver a range of solutions that push the boundaries of what’s possible while reducing risk and providing customers with an improved digital experience
Otto Benz, Director, Payments Technical Services at Lloyds Banking Group 

We’ve reported that Italy-based Banca Mediolanum has introduced its own sustainable challenger bank Flowe. The new initiative aims to create tools that facilitate a sustainable financial lifestyle for its customers.

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