Clarency has selected Form3 , a cloud-native account-to-account platform, to provide it with direct access to the Swift network. The move extends its support for international payments and enables further customer growth.

Clarency is the first customer of Form3’s Swift-as-a-service solution. The new collaboration will enable Clarency’s international customers, mainly financial institutions, challenger banks, remittance firms, and small businesses, to send and receive international payments on the Swift network. The company currently processes transactions across its twelve core, instant-liquidity currencies and more than 100 less frequently requested exotics.

Clarency will have access to the full Swift network via Form3’s cloud-based API. Once live, the new service will be fully automated and allow over 11,000 financial institutions to communicate using their accustomed channel for international payments and cash-management services. Clarency will offer customer access to Form3’s Swift-as-a-service solution from May 2023.

The benefits of Swift infrastructure As financial institutions make the shift from MT to ISO 20022 for payments, Form3’s account-to-account cloud technology platform is fast and adaptable to modernise and upgrade their underlying Swift infrastructure. A key business benefit of Form3’s Swift-as-a-service solution includes the reduction of operational costs and overheads by leveraging scalable cloud-based services. It also enables customers to future-proof their payment systems and remain compliant with new Swift messaging standards.

More about Form3’s connectivity solution In October 2023, Form3 announced its plans to launch a cloud-native API solution to connect financial institutions globally to the SWIFT network. The solution has been deemed a SWIFT-as-a-Service solution and its major focus is to enable banks, fintechs, and payment service providers to gain API access to SWIFT for payments and cash management services.  The solution allows institutions to reduce operational costs and overheads by leveraging scalable cloud-based services.

Form3’s fully managed service shields customers from annual standards releases, including the upcoming ISO 20022 migration, alongside backward compatibility for receiving MT messages. Later on, in November 2023, it secured a EUR 23 million venture debt facility destined towards the company’s expansion. The venture debt funding enables Form3 to explore acquisitions, launch into new markets, and support new product growth.

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