Lloyds Banking Group (Lloyds) has announced a strategic partnership with Form3, a cloud-native payments technology fintech, to accelerate its transformation and enhance the digital experience for customers.
The collaboration is expected to enable Lloyds to investigate and develop a cloud-native Payments-as-a-Service platform to significantly payment processes, making them more efficient. The partnership with Form3 will aim to simplify Lloyds’ payments capabilities, aiming to create the basis for Lloyds’ response to the industry NPA initiative and provide support for enhanced data and new overlay services.
Otto Benz, Director, Payments Technical Services at Lloyds Banking Group said: “Simplifying payments architecture while enhancing security and performance are critical to our digitization of the Group. The potential of the cloud in payments is enormous and is firmly at the forefront of our strategy. We are committed to working with the most innovative technology providers, including Form3, to deliver a range of solutions that push the boundaries of what’s possible while reducing risk and providing customers with an improved digital experience.”
Michael Mueller, CEO at Form3 commented: “We believe this is an opportunity to support Lloyds’ transformation using our rapidly evolving technology. The partnership is breaking new ground in collaboration by enabling Lloyds to utilise best in class software built to harness the unique properties of the cloud.”
Lloyds is also acquiring a minority equity stake in Form3 as part of its next investment round which is expected to complete in full next month.
This year the Group has announced partnerships with Google Cloud and Microsoft, including the development of Microsoft Managed Desktop, as part of its commitment to transform for success in a digital world.
