SumUp, which provides payment services for small businesses, has partnered with Form3 to provide access to the UK Faster Payments Scheme (FPS) and Bacs Scheme.
SumUP will connect to the Form3 platform via a single API, with the payment managed by Form3. Barclays will provide scheme settlement with the Bank of England on behalf of SumUp.
SumUp says that the partnership will allow it to build and create new products for customers allowing them to scale and reduce payment processing costs.
Form3 added that its service will future proof SumUp and its customers against the potentially disruptive impact of mandatory scheme and regulatory changes such as the New Payments Architecture (NPA).
David Tatarishvilli, head of business operations banking tribe at SumUp, said: “Form3’s established reputation in the market, proven operational resiliency and ability to scale with our growth plans made them our chosen partner. As a platform, Form3 can also help us break into new markets and create new payments offerings, so we are very excited about what the future holds.”
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