Form3, which works in cloud-native payment technology, will work with Countingup, the U.K.-based payments and accounting solution, to aid small and medium-sized enterprises (SMEs) in running their businesses more smoothly.
Form3's new service will offer real-time payments, bolstered by Countingup's modern tech which converts transactional data in real time and eliminates complex workflows, letting businesses manage finances and accounting more quickly. They will work with Countingup's long-time partner PPS, which works in processing, banking technology and issuing.
Tim Fouracre, Countingup CEO and founder, said all of this “simplifies running a business.”
“Banking and accounting for U.K. SMEs remains a highly concentrated industry, with the majority of business current accounts (BCAs) still provided by a small group of the largest banks,” Fouracre said, according to the press release. “While accounting software can be expensive and complex, especially for small business owners, SMEs that need accounting, tax and payments services find themselves over-paying and juggling multiple providers, which is time-consuming and costly.”
The partnership will help SMEs through new benefits like simpler workflows with which to manage finances and accounting, which will help save time and money, the release says.
Form3 CEO Michael Mueller said the partnership would enable exciting new things.
“There is still work to be done to level the playing field and open up domestic and international business banking services for U.K. SMEs and microbusinesses,” he said, according to the release. “Challengers like Countingup are truly innovating and disrupting this market — and supported by our next generation cloud-native technology, they can expand their all-in-one BCA to include cross-border capability, which is really exciting.”
The migration to the cloud can help alleviate some of the issues facing long-time financial institutions, including a lacking maturity, with 15 percent of annual operating costs going toward outdated procedures, according to PYMNTS.
Using more cloud tech can add more AI-based innovations and make it easier to access global trends.
Companies’ ability to handle more data and provide faster, more efficient services is important, particularly during the pandemic.