‘What’s Top Of Mind?’ Penny Hughes’ column

Form3 operations: big progress, a major partnership, new leadership

Dear Customer,

The last few months at Form3 have again been a busy period for us. There continues to be important operational progress, a new investment and a commercial partnership with Visa was announced, and key leadership changes have taken place. Let me comment further on each of these.

Firstly, in terms of operations, the last 12-months have seen Form3 preparing the business for the go-live of our multi-cloud solution, with a very significant increase in volumes on our platform being processed.

Form3 is on track to become the largest real-time account-to-account platform across the UK, Europe and the US. The trust our major customers have in us to make such structural operational changes is never taken for granted, as Form3’s teams work round the clock to support operational excellence and absolute security.

We also expect to be onboarding our first US customer prior to year-end, and have generated much interest at Sibos, as Mike referenced in his column.

Next up, major partnership news. We consider our new commercial agreement with Visa - alongside their investment in Form3 - to be another important milestone. Visa will have representation on our Strategic Advisory Board alongside Lloyds Bank, Nationwide, Barclays and Mastercard. It is a source of great insight and strategic validation to work with such significant financial enterprises – including Visa - as we rewrite the faster payments landscape. 

Last but definitely not least, Form3 has seen some management changes. This was timely, as we have extended our financial runway, and the next chapter of global expansion and large-scale operations is underway.

Michael Mueller, having led the business from inception, and previously Chief Executive Officer (CEO), now becomes Executive Chairman, leading our Board. Mike Walters steps up from Chief Product Officer (CPO) to CEO. This has also given us the chance to give new remits to other key leaders – Eimear O’ Connor, previously Chief Operating Officer, now becomes our new CPO, and we welcome Matt Tuck to the business as Chief Commercial Officer.

Looking to the future, I hope you share my confidence that these changes to refresh our leadership will take us to our next stage of development, whilst maintaining all the expertise that has led to the creation and success of Form3 as we know it today. 

Until next time, I wish you every success with your business endeavours.

Written by

Penny Hughes CBE Board Member

Penny is a very experienced business leader. After a 10-year executive career with Coca-Cola, Penny has enjoyed a busy Non-Executive portfolio, working on more than 20 Boards covering consumer brands, mobile and media tech, banking, leisure and property. Brands include: The Body Shop, The Gap & Morrison’s Supermarkets, Aston Martin Lagonda; Vodafone, Trinity Mirror & Reuters, Skandinaviska Enkilda Banken & Royal Bank of Scotland; The Gym Group; iQ Student Accommodation & Riverstone retirement living.

Alongside her business career, Penny enjoys family life and various not-for-profit responsibilities that have included Trustee, British Museum and President, Advertising Association.