Form3, the leading cloud payment technology provider, today announces its plans to launch a cloud-native API solution to connect financial institutions globally to the SWIFT network.
The Swift as a service solution will help banks, fintechs and payment service providers to gain API access to SWIFT for payments and cash management services.
The solution will allow institutions to reduce operational costs and overheads by leveraging scalable cloud-based services. Form3’s fully managed service shields customers from annual standards releases, including the upcoming ISO 20022 migration, alongside backwards compatibility for receiving MT messages.
Customers of the service will benefit from a zero-footprint solution, removing the need to implement and manage software and hardware for connecting to SWIFT. Form3’s platform offers highly scalable and resilient cloud-based services that will future proof organisations to support evolving customer demand. The new service provides increased speed and security over traditional connectivity models, which is critical to scale and meet customer expectations in today’s financial services environment.
Michael Mueller, Form3’s CEO, comments: “Form3’s new solution is easy-to-operate, cost-effective, and highly reliable, allowing financial institutions of all sizes to access SWIFT. This is at the heart of our mission to democratise and digitise reliable payment solutions. Working with SWIFT clearly demonstrates our desire to grow our global footprint in cloud-based payment technology.”
The Form3 SWIFT as a service solution will go live for customers towards the end of 2022.