Nationwide is overhauling its digital payments infrastructure with the adoption of a cloud native platform.
The building society said the new solution has been designed with resilience and compliance at its core, and will help it to more readily adapt its processes to meet upcoming regulatory changes such as ISO 20022.
The new Form3 cloud is based on an account-to-account platform which connects financial institutions to payments schemes such as Faster Payments and BACS.
Nationwide said it will gradually migrate all forms of retail payments from its existing on-premise platform to the new Form3 cloud, with a “robust process” in place to ensure there is no disruption for its customers.
Processing around 450 million transactions each year, Otto Benz, payments director at Nationwide said it needed to migrate to a platform capable of scaling alongside its business.
“This project, in collaboration with Form3 and Accenture, is a major step in simplifying and strengthening our payments processing,” he said.
Nationwide recently joined a growing number of UK banks in imposing restrictions on cryptocurrency payments.
It said the decision had been taken to “help protect” its customers from cryptocurrency scams.
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