Nationwide Building Society has selected Accenture (NYSE: ACN) and Form3 to transform its digital payments infrastructure through the adoption of “a cloud native platform, aiming to enhance the customer experience with seamless, secure and fast transactions.”
As digital payments continue to grow, the cost-efficient solution has been “designed with resilience and compliance at the core, enabling Nationwide to adapt its operations to meet regulatory changes such as ISO 20022.”
Based on an account-to-account platform, the Form3 cloud solution “connects financial institutions to payments schemes such as Faster Payments and BACS.”
Building on a decade-long collaboration, Accenture was selected by Nationwide “as the strategic delivery partner for its payments modernization program, bringing deep expertise in this space, along with strong cloud engineering and architecture capabilities.”
Otto Benz, Payments Director at Nationwide Building Society said:
“We’ve seen massive growth in cashless payments in the UK, with Nationwide processing around 450 million retail transactions each year. 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.”
Through a series of phases which launched in 2022, Nationwide will “migrate all types of retail payments from an on-premise platform to the Form3 cloud, with a robust process in place to ensure there is no service interruption for its customers.”
Sulabh Agarwal, Global Payments Lead at Accenture, said:
“The accelerating digitization of payments, coupled with ongoing economic turbulence, is shaping how consumers transact and move their money. 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.”
Michael Mueller, Form3 CEO, commented:
“As digital payments increase, many financial institutions are starting to modernize their infrastructure to compete effectively. Working with Accenture, Form3 will help Nationwide transition their payment processing to one of the most modern, efficient, secure and resilient platforms in the market without impacting service delivery.”
As noted in the update, Nationwide claims it is “the world’s largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans.”
Nationwide reportedly “has around 15 million customers.”
Customers can “manage their finances in a branch, via the mobile app, on the telephone, internet and post.”
The Society “has around 18,000 employees. Nationwide’s head office is in Swindon with administration centers based in Northampton, Bournemouth and Dunfermline.”
The Society also “has a number of call centers across the UK.”
