Nationwide Building Society has partnered with Accenture and A2A platform provider Form3 to transform its digital payments infrastructure through the introduction of a cloud platform.
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The goal of the deep modernization of the infrastructure is to meet the demand for instant digital transactions, which demonstrates steady growth, and compliance with the upcoming changes in the regulation of activities in the industry, such as ISO 20022.
As part of the implementation of the partner project, Form3 will provide its own payment platform from account to account in a cloud environment. Accenture will lead the development of the server part in the process of cooperation. Nationwide will transfer all types of retail payments from the local platform to the Form3 cloud.
The UK Building Society faced serious damage last year, which was the result of periodic failures in the process of servicing incoming fast payments. These failures were observed for two months. Customers reacted extremely negatively to the violation of the process. Nationwide explained the situation with technical problems.
Otto Benz, director of payments at Nationwide Building Society, says that there is currently an increase in the level of consumer demand for non-cash payments in the UK. About 450 million retail transactions are processed annually in the country.
Otto Benz also noted that Nationwide needs a solution that will develop together with the business, contribute to increasing the volume of payments, and meet the positive expectations of users. He called the joint project with Form3 and Accenture an important step in simplifying and strengthening transaction processing.
Nationwide is the seventh-largest cooperative financial institution and the world’s largest construction community with 16 million members. At the end of the 2021/2022 financial year, the organization’s assets amounted to about 272.4 billion pounds the background 483 billion pounds for the entire building communities sector.
As we have reported earlier, ANZ to Trial Offline CBDC Payments.
Serhii Mikhailov
Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.
