Finance Breaking news Lloyds Bank takes stake in Form3 last financial news
Breaking-Finance.Com - Lloyds Bank is to take a minority equity stake in cloud-native payments technology house Form3 as part of an overhaul of its legacy payments architecture.
Breaking-Finance.Com - Lloyds Bank is to take a minority equity stake in cloud-native payments technology house Form3 as part of an overhaul of its legacy payments architecture. The partnership with Form3 will aim to simplify Lloyds’ payments capabilities, providing support for enhanced data and new overlay services and creating the basis for the bank's response to the UK's New Payment Architecture initiative and. Supporting the deal, Lloyds is also acquiring a minority equity stake in Form3 as part of its next investment round which is expected to complete in August.
. Otto Benz, Director, payments technical services at Lloyds Banking Group says: “The potential of the cloud in payments is enormous and is firmly at the forefront of our strategy. We are committed to working with the most innovative technology providers, including Form3, to deliver a range of solutions that push the boundaries of what’s possible while reducing risk and providing customers with an improved digital experience.” So far this year, the Group has signed a five-year deal with Google Cloud and entered into a partnership with Microsoft to offer a suite of cloud-based productivity tools within Office 365 for all Lloyds Banking Group employees.
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