Starling Bank, a mobile-only bank that became the first in the U.K. to launch a new current account, has joined the Faster Payments scheme to provide real-time payments for its clients.
According to reports Tuesday (June 20), payments-as-a-service company Form3 is partnering with Starling Bank to loop it into the real-time payment network. Together, Form3’s cloud infrastructure will combine with the Payment Services of Starling Bank for a real-time payments platform that operates 24/7, the companies said, using modern API integrations to loop into Faster Payments.
“At Form3 our clients face some complex decisions about how they gain access to faster real-time payments in the U.K. and which banking partners can help them to achieve that,” said Form3 Chief Product Officer Mike Walters in a statement. “Our partnership with Starling Bank shows Form3’s commitment to making sure that managed services for our clients extend all the way from payment to settlement under a single commercial contracts. This provides a great option to leverage cloud-based technology with simple integrations, a wider range of processing options and reduced time to market.”
“Starling Bank is committed to helping FinTechs gain access to the banking services that most benefit customers,” said Starling Chief Operating Officer Julian Sawyer in another statement. “This is why we are excited to be working with Form3, which will enable our clients to benefit from high-standard cloud technology combined with Starling’s well-regarded Faster Payments settlement services.”
Last year, Starling Bank raised $70 million before its debut in the U.K. to challenge the mobile banking industry’s leaders. Last April, the bank announced a partnership with Pay by Bank, Vocalink’s mobile payment app.
Form3, meanwhile, has worked to link with financial institutions that need a more seamless way of connecting into the various payment schemes offered in the U.K.
“Connecting to payment schemes for banks has been a minefield of complexity, cost and hidden limitations,” said the company’s Chief Product Officer Mike Walters in an interview with PYMNTS earlier this month.