Global digital payments company Visa has invested in cloud-native account-to-account platform Form3 to reduce high levels of fraud and increase operational efficiency in real-time account-to-account payments.
The funding will help Form3 to continue its expansion.
Form3 said that Visa’s investment has come in parallel to the news that it will offer the latter’s customers access to its payments platform. This will allow them to modernise their payments’ infrastructure.
Visa chief product and strategy officer Jack Forestell said: “A2A payments continue to grow in key segments and markets and Visa and Form3’s partnership will look to offer modern cloud-native access to real-time payment infrastructures.
“Together we can grow confidence in real-time A2A payments, as we seek to combine Form3’s FinCrime Orchestration service with Visa’s deep learning AI and real-time risk scoring to help financial institution clients better manage the risk of sending and receiving real-time A2A payments.”
Through the new commercial partnership with Visa, Form3 aims to develop new products and services.
It also plans to expand into new territories, where the need of real-time payment solutions is becoming essential.
Established in 2016, Form3 offers a cloud-native, payments-as-a-service platform for replacing the traditional payment infrastructure model.
Form3 CEO Michael Mueller said: “Today’s Visa funding and partnership announcement demonstrates the confidence that they have in Form3’s ability to deliver for their customers.
“We are delighted with this unique partnership we have built in collaboration with Visa which enables us together to continue to offer best-in-class services for the world’s most established banks and financial institutions.”
In June 2023, Visa partnered with enterprise application software firm SAP to streamline and simplify business-to-business (B2B) payments for enterprises.
Through the collaboration, Visa and SAP intend to explore embedded finance in the B2B market to support the integration of financial journey into business operations.