Sibos 2023: FedNow takes centre stage
Dear Customer,
Welcome to my first newsletter column as Form3’s recently appointed new CEO. I hope you are all keeping well.
I want to discuss today the recent Sibos international trade show – and what news and views resonated with the many customers and prospects that the Form3 team met during the event.
This year’s Sibos was in Toronto, Canada, which proved to be a very relevant destination, with many banks with US operations and current customers in attendance. The launch of FedNow, the Federal Reserve’s new instant payment platform, over the summer, featured in many of our discussions – particularly customers’ readiness for the change in the real-time US payment market.
Responding to this major change in the market, we recently announced our certification for the FedNow Service. Form3's scheme-agnostic API will help US customers to drive the roll-out of instant payments, ensuring a seamless onboarding process to the FedNow Service and TCH RTP.
Encouragingly, talking to global payment leads at Sibos, we found that their feedback was that Form3’s FedNow certification was very well received. It was rewarding to be able to share our extensive and unique experience from the UK and Europe, and it is exciting to see the US market accelerating to real-time payments.
Aside from FedNow discussions, Form3’s recent partnership and investment from Visa was another big talking point at Sibos. This collaboration will see Visa make Form3’s innovative products and services available to its clients. Sibos delegates were keen to discuss with us ways this new partnership will help reduce authorised push payment (APP) fraud.
Also in attendance at Sibos was Matt Tuck, our new Chief Commercial Officer. His key role will be to support our customers’ needs, to help them with their expansion plans. It was great to see Matt meet our customers in his new role.
Post Sibos, we will now be reviewing over 100 customer and prospect meetings, to ensure we can provide you with the best-in-class cloud payment technology. Overall, we felt that Sibos was a success, and hopefully those of you who attended felt the same way.
Thank you for taking the time to read my first newsletter column.
Written by
Mike was appointed CEO in October 2023, having joined Form3 as CPO and co-founder in 2016. During his roles as CPO he was responsible for strategy, product development, product management as well as strategic initiatives, playing a key role in the business’ funding activities and key client relationships.
Prior to Form3, Mike held senior Product roles within Barclays:
As Product Director for Barclaycard Payment Acceptance (card acquiring) he was a member of the Executive Committee and responsible for P&L, product management, strategy development, vendor selection and management, digital transformation and M&A.
As Head of UK Corporate Payments for Barclays Corporate Bank, Mike held product management responsibility for all payment, receipting and reporting products delivered to Barclays corporate clients – this included defining the Barclays Corporate Bank mobile payments strategy and initiating, building and scaling multi-award winning mobile payment solutions. Earlier in his career he managed client relationship teams responsible globally for the North American Financial Institutions and FTSE 250 sectors providing him with significant product and enterprise client experience domestically and internationally.