How to crack the USA? No, this is not a political commentary, we have had enough of all that! This is the question Form3 is setting out to answer.
Our mission is to design, build and run technology that powers the future of payments.
Our position in the UK is now well advanced, as we anticipate more than half of UK faster payments running on our multi-cloud platform. But cracking the US is our next milestone, as large, outdated technology infrastructure gets replaced to enable faster payments with greater efficiency and resilience.
There are many well documented failures when European organisations have bet too much on winning in the US. And our discussion at the Strategic Advisory Board recently was suitably cautious whilst also insightful. We spent time examining what needs to be true to unlock monetisation of our product roadmap. We have a thoughtful, but determined approach, which I am happy to report is showing early signs of bearing fruit.
Since Form3 launched US operations in 2022, development focus has been on US gateways. This is driven by the launch of FedNow and associated growth in real time payments and on to Fedwire. The adoption of these new payment rails has largely been subordinated to bank’s efforts to achieve compliance with ISO 20022 for FedWire, CHIPs and SWIFT.
With Fedwire migration slated for 10th March next year, we are now seeing banks focus on real time payments and modernising the rest of their payment architecture - which is creating new opportunities for Form3.
Our marketing efforts have been significant such that ubiquity of awareness within our target market has been achieved, and this now leaves us well positioned to capitalise on our brand recognition.
Staying agile seems to be part of our solution. Taking a global bank, as an existing client, to US implementation demonstrates relevance of Form3’s solutions. Multiple prospect client conversations in response to request-for-information activity are progressing strongly.
Lastly, to further support roll out, we will contract with one of the largest US tech providers to white label our FedNow gateway to their exisiting clients. By supporting several routes to market, and demonstrating the relevance of our approach to payments, we plan to crack US market entry.
Balancing product roadmap development with commercial progress, and understanding the market practice and regulatory framework, whilst remaining confident on our transformation capability in payments, will remain critical on a journey to success. It is clear to us that we are now seeing and acting on an opening in the US market. Whilst our UK platform is very much focussed on being brilliant in run, our US focus remains a pioneering one.
We have learnt plenty, with no doubt more learnings to come, but we remain confident of the US market opportunity and that our product offering is uniquely positioned to capture significant market share.
Let's all see what Form3 can achieve in the US!
Written by
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.