UK-based cloud payment technology provider Form3 has sponsored The Payments Association ’s financial crime working group to address financial crime in the UK. As benefactors of the project, Form3 will lead on industry collaboration among financial institutions to develop strategies to enable banks to deal with the ever-increasing threat of financial crime.

This activity is timely, as UK-based customers lost GBP 583 million to authorised push payment (APP) scams in 2021, up by 39% on 2020, as per the press release. Officials from Form3 stated that the scale of financial fraud shows no sign of slowing down. This working group will help foster collaboration and shape the agenda and discussion around combating fraud.

This activity will also provide insights and opinions for those involved in leading the regulation of UK financial services as they tackle digital crime. Leading the movement Form3 felt it was best placed to support the industry in its fight against financial crime due to it being a leader in the payments space with new services being brought to market to meet the challenges of financial crime. This was recognised by The Payments Association, as it seeked a leading industry figure that already had strong relationships with major UK and international banks.

In terms of deliverables, Form3 will coordinate the group’s activity to produce insights and research, white papers, webinars and reports offering guidance on tackling UK financial crime in partnership with The Payments Association. Representatives from The Payment Association stated that the only way they solve the problems of payments-related financial crime is if companies support the community’s work, and Form3 is providing this support for 2023, acting as a catalyst for coordinated action. What does Form3 do? Form3 is the account-to-account platform.

Founded In 2016, Form3 set out to revolutionise the world of payment processing and disrupt the traditional payment infrastructure model, with an always on, cloud-native, Payments-as-a-Service platform. Today, Form3 is trusted by banks and fast-growing fintechs to handle their critical payments architecture. For more information about Form3, please check out the company profile in The Paypers Company Database.

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