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Nationwide Building Society to focus on major digital payments overhaul following job cuts
The overhaul will happen in a series of phases, the first of which took place in 2022, that will migrate all types of retail payments to Form3’s cloud-based account-to-account payments.
Nationwide Building Society, a 139-year-old financial institution, is set to embrace digital payments in a major overhaul of its payments infrastructure.
As the world's largest building society, a UK version of US credit unions, Nationwide has 15 million customers in the UK making it one of the largest savings providers in the country, as well as the third largest mortgage lender. It also provides current accounts and loans too.
Like many incumbent banking institutions, Nationwide has come under increasing pressure in recent years to modernise its operations. It operates close to 700 branches currently but recently announced c.450 job cuts among its 18,000-strong team.
Nationwide will be working with Accenture and Form3 on the project which aims to simplify and streamline its payments by using a cloud-native platform.
“We’ve seen massive growth in cashless payments in the UK, with Nationwide processing around 450 million retail transactions each year,” said Otto Benz, Payments Director at Nationwide Building Society.
“We needed a solution that will evolve alongside our business, facilitating an increasing volume of payments whilst meeting the expectations of our customers. This project, in collaboration with Form3 and Accenture, is a major step in simplifying and strengthening our payments processing.”
The overhaul will happen in a series of phases, the first of which took place in 2022, that will migrate all types of retail payments to Form3’s cloud-based account-to-account payments.
“The accelerating digitisation of payments, coupled with ongoing economic turbulence, is shaping how consumers transact and move their money”, said Sulabh Agarwal, Global Payments Lead at Accenture.
“Nationwide’s transformation is an excellent example of a traditional financial institution embracing next-generation payments and reinventing customer experiences at speed and scale – supporting future growth, continuous innovation and industry relevance," Agarwal added.
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