Lloyds Banking Group has announced a new partnership with cloud-native payments technology fintech, Form3, to enhance the digital payment experience for its customers.

Founded in 2016, Form3 is a payment technology fintech firm that focuses on simplifying payments architecture capabilities in a faster and more efficient manner through its cloud-native payments-as-a-service for banks and fintechs.

Lloyds suggested its partnership with Form3 will aim to simplify the bank’s payments capabilities, aiming to create the basis for Lloyds’ response to the industry New Payments Architecture (NPA) initiative as well as provide support for enhanced data and new overlay services.

Supporting the partnership, Lloyds said it 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.

“Simplifying payments architecture while enhancing security and performance are critical to our digitisation of the group,” Lloyds director payments technical services, Otto Benz, commented. “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.”

Form3 CEO, Michael Mueller, added: “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.”

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