GoCardless has partnered with Form3, which will support the firm’s use of the Bacs banking clearance system by granting access to its account-to-account payment platform
The cloud payment firm will provide GoCardless operational and technical support for its UK growth plans. GoCardless is pursuing an enhanced presence in the UK as the country’s payment sector enjoys significant development, having been earmarked as a key growth sector by the government.
GoCardless has processed over 4% of the UK’s direct debit volume to date, according to data from PayUK. This was possible through the Bacs system, which has processed over 250 million payments and has supported GoCardless’ bank-grade payment submission channels.
Neil Turner, Chief Technology Officer, GoCardless says: “Tens of thousands of customers in the UK trust GoCardless to collect their payments and keep cash flowing within their businesses. Having the right systems in place to process these payments, and the ability to potentially handle millions more transactions each month is fundamental to our business.
“Form3 has the reputation of offering fast and resilient payment processing that can match our ambitious growth. We look forward to working with them.”
Bacs – Bankers Automated Clearing Services – is a standard payment type typically used for direct debit or direct credit transactions. These bank transfer payment methods are used by businesses to streamline bank transfers and give ease of mind to finance teams.
By partnering with Form3, GoCardless is hoping to gain greater flexibility over its payment schemes in the UK and Europe by implementing its A2A platform to accelerate these bank transfer payments.
This is not the first instance of Form3 providing its payment solutions in the UK market. In May 2024, it was selected by Currencycloud to help automate the Confirmation of Payee process, providing a faster and more secure payment verification process.
Mike Walters, Form3 CEO, added: “Form3 has the payment technology that GoCardless can rely on for operational resiliency, speed, and the ability to scale, to support its UK business growth.
“Today’s announcement further demonstrates how we help the biggest and most ambitious fintechs with their next phase of expansion. We’re proud to work with GoCardless.”
