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Nationwide Building Society is shifting retail payments from on-premise methods to a cloud-native platform
By
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Karl Flinders,
Chief reporter and senior editor EMEA
Published: 07 Mar 2023 13:47
Nationwide Building Society has recruited Accenture to assist its transfer to a cloud-native payments platform as real-time digital fee volumes rise.
Accenture is working alongside Nationwide and account-to-account payments platform supplier Form3 to transfer all retail payments from on-premise methods to the Form3 platform.
The undertaking, which started final yr, might be accomplished in a sequence of phases, with Accenture supplying cloud engineering and structure experience. Once on the platform, Nationwide payments will meet the ISO 20022 international commonplace for a typical language for payments worldwide.
Otto Benz, payments director at Nationwide, stated there had been “massive growth” in cashless payments, with Nationwide processing round 450 million retail transactions annually.
“We needed a solution that will evolve alongside our business, facilitating an increasing volume of payments whilst meeting the expectations of our customers,” added Benz. “This project, in collaboration with Form3 and Accenture, is a major step in simplifying and strengthening our payments processing.”
Nationwide has been on an extended tech funding journey. When most monetary companies corporations have been slashing spending due to the worldwide monetary crash of 2008, Nationwide was investing closely in IT. At that point, it launched into a £1bn undertaking to transform its know-how, which adopted years of under-investment. This created the foundations for the corporate to undertake the most recent know-how when it emerges. Today, it’s utilizing fintech to transform the enterprise.
Sulabh Agarwal, international payments lead at Accenture, stated: “The accelerating digitisation of payments, coupled with ongoing economic turbulence, is shaping how consumers transact and move their money.”
Accenture is presently engaged on numerous main payments know-how initiatives, together with with the Central Bank of the United Arab Emirates (CBUAE) and the Bank of England.
Alongside suppliers G42 and SIA, the digital payments arm of Nexi Group, Accenture was chosen by the CBUAE to construct and function the UAE’s Instant Payment Platform (IPP) over the following 5 years.
The IT companies provider can be main a undertaking to replace one of many UK’s core payments methods. In 2020, it was chosen because the know-how supply companion to coordinate the alternative of the Bank of England’s 24-year-old Real-Time Gross Settlement system.
Due for completion in 2025, the alternative of the core system that’s used to settle payments between banks will harness the most recent digital applied sciences. On a mean day, the system settles about £685bn value of transactions.
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…. to be continued
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