Nationwide Building Association Partners with Form3 and Accenture to Transform Retail Payments Technology

varsha sarkar

May 10, 2023

2:20 pm

Nationwide Building Association Partners with Form3 and Accenture to Transform Retail Payments Technology

Nationwide Building Society has made a strategic move to improve its digital payments infrastructure by selecting Accenture and Form3 to adopt a cloud-native platform. This transformation aims to provide a seamless, secure, and fast customer experience for its clients.

With the increasing growth of digital payments, Nationwide’s cost-efficient solution has been designed with resilience and compliance at the core. This will enable the company to adapt its operations to meet regulatory changes such as ISO 20022. The Form3 cloud solution, based on an account-to-account platform, will connect financial institutions to payments schemes such as Faster Payments and BACS. This will allow Nationwide to offer a more streamlined and efficient payments process for its customers.

Nationwide’s collaboration with Accenture spans over a decade, and the company was chosen as the strategic delivery partner for its payments modernization program. Accenture brings extensive expertise in this space, along with strong cloud engineering and architecture capabilities. The partnership will enable Nationwide to leverage Accenture’s expertise in payments and modernize its payments processing to support future growth, continuous innovation, and industry relevance.

Otto Benz, the Payments Director at Nationwide Building Society, expressed his excitement about the partnership with Form3 and Accenture. He highlighted the massive growth in cashless payments in the UK and revealed that Nationwide processes around 450 million retail transactions each year. To meet the changing needs of its customers and stay ahead of the curve, Nationwide needed a solution that could evolve alongside its business and facilitate an increasing volume of payments.

Benz explained that the project in collaboration with Form3 and Accenture is a major step in simplifying and strengthening Nationwide’s payments processing. The partnership will enable the adoption of a cloud-native platform that is cost-efficient, resilient, and compliant with regulatory changes such as ISO 20022. This platform will connect financial institutions to payments schemes such as Faster Payments and BACS based on an account-to-account model. The goal is to enhance the customer experience with seamless, secure, and fast transactions.

Throughout 2022, Nationwide will migrate all types of retail payments from an on-premise platform to the Form3 cloud. The migration will be carried out with a robust process in place to ensure there is no service interruption for Nationwide’s customers. The move to the cloud is expected to simplify and strengthen the payments processing capabilities of Nationwide, allowing the company to adapt to the changing needs of its customers and remain competitive in the industry.

Sulabh Agarwal, the Global Payments Lead at Accenture, explained that the rapid growth of digital payments, combined with the ongoing economic challenges, is significantly impacting how consumers transact and manage their money. He further added that Nationwide’s transformation is a notable example of a traditional financial institution embracing next-generation payment technologies and redesigning customer experiences with agility and scale. This approach will not only support future growth but also encourage continuous innovation, and maintain the company’s relevance in the industry. The partnership with Form3 and Accenture will enable Nationwide to modernize its payment infrastructure and provide its customers with seamless, secure, and fast payment services.

Michael Mueller, CEO of Form3, emphasized the increasing significance of digital payments and how financial institutions are responding by modernizing their infrastructure to stay competitive. He further explained that working with Accenture, Form3 will assist Nationwide in transitioning its payment processing to a modern, efficient, secure, and resilient platform. This transition will enable Nationwide to keep pace with the rapid growth of digital payments and enhance the customer experience. Additionally, Mueller assured that the migration process will not cause any disruption in service delivery. The joint effort between Form3 and Accenture will enable Nationwide to simplify and strengthen its payment processing capabilities, which will result in an increasing volume of payments meeting customer expectations.

In conclusion, Nationwide Building Society’s partnership with Form3 and Accenture is a significant step towards enhancing its digital payment infrastructure. The cloud-native platform will enable Nationwide to adapt to regulatory changes and provide seamless, secure, and fast transactions to its customers. The partnership will facilitate the migration of all types of retail payments to the Form3 cloud platform without any service interruption. Michael Mueller, CEO of Form3, highlighted the importance of modernizing infrastructure in response to the growing trend of digital payments. He assured that the partnership with Accenture will help Nationwide transition to one of the most modern, efficient, secure and resilient platforms in the market. Overall, this collaboration between Nationwide, Form3, and Accenture will strengthen and simplify payment processing, resulting in increased volumes of payments while meeting customer expectations.

varsha sarkar

May 10, 2023

2:20 pm

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