Lloyds Bank has announced a partnership with Form3, a payments fintech, for the development of a Payments-as-a-Service platform to enhance digital experience for customers.
The cloud-native platform is aimed at improving the banking group’s payment processes, making them more efficient.
Simplifying Lloyd’s payments capabilities, the partnership is also expected to create the basis for its response to the industry New Payment Architecture (NPA) initiative and support enhanced data and new overlay services.
To support the partnership with Form3, Lloyds Bank has also agreed to acquire a minority stake in the fintech, as part of the next round of investment which could take place next month.
Lloyds Banking Group payments technical services director Otto Benz said: “Simplifying payments architecture while enhancing security and performance are critical to our digitisation 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.”
The partnership will help not only enhance the bank’s payments, but also respond to NPA initiative
Established in 2016, Form3 has developed payments technology focus on simplifying payments architecture capabilities, making them quicker and more efficient.
It also supports the NPA initiative through its cloud-native Payments-as-a-Service for the UK and Europe’s banks and fintechs.
Form3 CEO Michael Mueller said: “We believe this is an opportunity to support Lloyds’ transformation using our rapidly evolving technology. The partnership is breaking new ground in collaboration by enabling Lloyds to utilise best in class software built to harness the unique properties of the cloud.”
Earlier this month, the Lloyds Bank introduced subscription management services to its mobile banking app, to enable customers to view, manage and/or amend their subscription services.
To this end, the bank partnered with Swiss fintech Minna Technologies and Visa.
The bank also witnesses more than 2.2 million of its customers signing up for the new service since the start of Covid-19 lockdown.
