National law firm Ashfords LLP has advised Form3, the cloud-based platform for complete end-to-end processing of payments for financial institutions, on its completion of a strategic partnership with Lloyds Banking Group to accelerate its digital transformation.
Founded in 2016, Form3 is a leading payment technology fintech that focuses on simplifying payments architecture capabilities, in a faster and more efficient manner, while providing support for the industry New Payments Architecture (NPA) initiative through its cloud-native Payments-as-a-Service for the UK and European banks and fintechs.
The strategic partnership will enable Lloyds to investigate and develop a cloud-native Payments-as-a-Service platform which has the potential to significantly improve the Group’s payment processes, making them more efficient. The partnership with Form3 will aim to simplify Lloyds’ payments capabilities, aiming to create the basis for Lloyds’ response to the industry NPA initiative and provide support for enhanced data and new overlay services.
Suzie Miles, Commercial Partner in Ashfords' Technology team said “We are delighted to have supported Form3 in its successful completion of a strategic partnership with Lloyds Banking Group. The innovative and unique cloud-native technology offered by Form3 is ground breaking within the financial services sector and key partnerships such as this will serve to ensure that Form3 can continue to innovate in a collaborative manner with its customers and create faster and more efficient payment capabilities, which could help to transform the payments industry.
We look forward to accompanying Form3 on their impressive and continued growth journey in the UK and beyond. They are an innovative business with an exciting future.”
Mike Walters, Chief Product Office at Form3 commented: “It is rare to find in a legal team with the combination of professionalism, technical knowledge, work ethic and temperament to work on such a complex transaction between a cloud native payment technology provider, such as Form3, and our established banking clients – particularly for such critical services – it has been a pleasure to work with Suzie and the team at Ashfords and we look forward to working with them on many more!”
The Ashfords team advising on the deal was led by Commercial Partner Suzie Miles with assistance from Charlotte Holgate (Data Protection), Charles Pallot (Employment) and Cynthia Ma (Financial Services Regulation).