Wednesday, May 12, 2021
Nationwide, the world’s largest building society, has partnered with leading technology provider Form3 and will be connecting to their cloud-native payments platform to simplify and reinforce the Society’s payments infrastructure.
In August 2020, Nationwide was one of the first financial services providers in the UK to invest in Form3 via its Ventures Fund, recognising the potential of their platform. Now the organisation will become one of the first major financial services organisations in the UK to adopt Form3’s platform.
Form3’s technology will enable the Society to use a secure cloud-native payments infrastructure to provide greater capacity and mean that regular maintenance can be completed without service interruption for members, improving their experience. The platform is also designed with flexibility in mind, making for easier implementation of new rules and standards as well as increasing the speed of deployment for new features and payments functionality.
Otto Benz, Payments Director at Nationwide Building Society, said: “This is an exciting moment for Nationwide and for Form3. Rolling out Form3’s platform is a big step to simplifying and strengthening our payments processing. We expect that we will be processing millions of transactions through our new platform as we migrate services across as part of our future payment’s strategy.
“Since investing in Form3 in August last year our teams have been working together to integrate Form3’s platform with our own core processing systems. We have made the first step in the process by starting to use the platform for processing member payments, showing the exciting pace of change here at Nationwide – despite the challenges posed by collaborating virtually during Covid.”
Michael Mueller, CEO of Form3, said: “We are very excited to be part of Nationwide’s journey to migrate to cloud-native technology for much of their service offering. Projects we are running with several large financial institutions in the UK and globally clearly evidence that cloud technology has now reached a level of maturity that allows banks to transition to platform-based technology for their core processing. This allows them to take advantage of scalability, resilience, security, agility and cost. Nationwide have been one of the first major financial institutions in the UK to engage in a payment transformation project of this scale and we are looking forward to working with their team to fully implement the most modern payment technology in the market.”
This partnership is the latest step in the Society’s cloud strategy, which aims to use the power of cloud technology to support the evolving needs of its members. Last year Nationwide implemented its new Speed Layer technology, enabling the faster deployment of new products and services and it is already supporting more than 26 million weekly app log ins. The Society’s Mortgage Switching Service has also been powered by cloud native technology since 2018, and more than 320,000 mortgage switches have been made during this time. The application journey time has been cut by a third for members due to the ease and convenience of this cloud powered service.