Cloud payment provider Form3 has announced the implementation of its API solution to connect financial institutions to the SWIFT network.
The API connective link will enable up to 11,000 firms to connect to the financial messaging service, allowing banks, fintechs and payments providers to gain API access to SWIFT for payments and cash management services.
The SWIFT solutions aim to reduce operational costs and overheads by leveraging scalable cloud-based services to those firms connected to the platform.
Form3’s API sets out to protect customers from annual standard releases as it seeks to integrate backwards compatibility for receiving MT messages.
Along with protecting firms and enhancing the financial messaging process, Form3’s new implementation will work on increasing speed and security over traditional connectivity models and support customer’s needs in the current financial service climate.
Michael Mueller, CEO of Form3, commented: “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 new solution has a zero-footprint platform which removes the need to integrate software connected to SWIFT. Form3 also aims to enhance financial firms of SWIFT when it pertains to their future-proofing of customers demands.
Form3 and SWIFT’s new connectivity solution will go live for customers towards the end of 2022.
