October 10, 2022
API service to connect FI’s globally to over 11,000 institutions on the SWIFT network
10 October, London – Form3, the leading cloud payment technology provider, today announces its plans to launch a cloud-native API solution to connect financial institutions globally to the SWIFT network.
The Swift as a service solution will help banks, fintech’s and payment service providers to gain API access to SWIFT for payments and cash management services.
The solution will allow institutions to reduce operational costs and overheads by leveraging scalable cloud-based services. Form3’s fully managed service shields customers from annual standards releases, including the upcoming ISO 20022 migration, alongside backwards compatibility for receiving MT messages.
Customers of the service will benefit from a zero-footprint solution, removing the need to implement and manage software and hardware for connecting to SWIFT. Form3’s platform offers highly scalable and resilient cloud-based services that will future proof organisations to support evolving customer demand. The new service provides increased speed and security over traditional connectivity models, which is critical to scale and meet customer expectations in today’s financial services environment.
Michael Mueller, Form3’s CEO, comments: “Form3’s new solution is easy-to-operate, cost-effective, and highly reliable, allowing financial institutions of all sizes to access SWIFT. This is at the heart of our mission to democratise and digitise reliable payment solutions. Working with SWIFT clearly demonstrates our desire to grow our global footprint in cloud-based payment technology.”
The Form3 SWIFT as a Service solution will go live for customers towards the end of 2022.
Form3 design, build and run the technology that powers the future of payments. Founded In 2016, Form3 set out to revolutionise 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 UK and Europe’s biggest Tier1 banks and fastest-growing fintechs to handle their critical payments architecture. Form3 has been awarded Best Cloud Payments Platform 2021 by Paytech and Fintech Finance, most influential fintech company in 2021 by The Financial Technologist and ranked in the Top European Fintechs to watch by Sifted 2020. API technology also provides greater levels of security over traditional connectivity models means, which is paramount in today’s financial services environment. Providing an easier, API native to SWIFT is what financial services have been calling for, as the demand for payments increase, and financial institutions upscale operations.