Form3, a leading cloud-native payment technology provider and Barclays have announced the addition of a SEPA Credit Transfer (SCT) service to their combined directly connected access solution.
The partnership, already live with SEPA Instant, now offers full reachability for SEPA payment transactions through a connectivity service available to Barclays’ customers who are regulated payment service providers.
This specialised cloud-native SEPA solution enables scheme connectivity for both SEPA Instant and SCT.
Barclays’ fintech customers can now benefit from direct technical access to the SEPA payment schemes, with connectivity enabled by the fully managed Form3 technical service accessed through a single API. Barclays will support in its role as a dedicated liquidity service provider enabling settlement with the schemes on the fintech’s behalf. For fintechs, this direct technical connectivity was previously only an option for credit institutions holding their own liquidity.
“Form3 has been working with Barclays since day one and together we are committed to making payments faster, easier and more cost effective for the global financial community, including non-banks. We are delighted to expand our partnership with Barclays to allow the fintech community and financial institutions more broadly to access the full range of SEPA services, thus enabling them to reduce costs and provide a much-improved experience to their end customers.”
Michael Mueller, CEO Form3
Our continued close collaboration with Form3 has allowed us to add a SEPA Credit transfer service alongside our SEPA Instant proposition which we jointly launched in 2020. This is another key step in enabling Payment Service Providers to offer comprehensive pan-European payment and receipt solutions to their underlying customers.
Martin Runow, Global Head of Payments, FX and Digital, Barclays Corporate Banking