Thought Machine adds FedNow support with Form3’s help

Cloud banking provider Thought Machine has teamed up with payment technology provider Form3 to add a suite of new payment options, including the new US instant payment system FedNow.

Other payment options being added include the US TCH RTP network and Europe’s Sepa Instant Credit Transfers.

Thought Machine said the additions to its Vault platform from Form3 come amid strong demand in the US, a market it has operated in over the past few years.

“As real-time payments become the new standard, our combined expertise ensures financial institutions are equipped with cutting-edge, cloud-native technologies. Together, we are shaping the future of payments,” Paul Taylor, CEO and founder of Thought Machine said.

As well as North America, Thought Machine recently expanded into Latin America with its latest client, private debt platform Cordada operating in Chile, Peru and Mexico.

Thought Machine and Form3 are both cloud-native technology providers, offering reliability and scalability while also natively supporting ISO 20022, helping to make the partnership work.

Mike Walters, newly-appointed CEO at Form3 called it a tie-up between “wo best-in-class cloud technology providers, working in a changing payments landscape, highlighted by the introduction of the FedNow Service and the new ISO 20022 messaging standards,” 

Earlier this month Form3’s long-serving CEO Michael Mueller announced he would be moving into the role of executive chair, with Walters taking over the CEO role.