Form3 and SumUp have recently announced the expansion of their partnership to enhance real-time SEPA payment options for merchants in Europe.
This collaboration will enable SumUp’s European merchant base to utilize SEPA Instant, SEPA Credit Transfer, and SEPA Direct Debit capabilities. Initially, the partnership covered UK payment schemes via Form3’s cloud-native payments platform, connecting to Faster Payments and Bacs services.
Through this initiative, SumUp plans to streamline its payment processing across Europe and the UK by consolidating operations through a single provider. This move aims to simplify infrastructure management, reduce complexity, and avoid lengthy onboarding processes as they expand their regional presence.
Streamlining European and UK payments
The expanded partnership allows SumUp’s merchants to take advantage of SEPA Instant payments. This is particularly beneficial as it aligns with EU regulatory requirements, providing near real-time fund transfers at no additional cost over standard credit transfers.
By integrating both UK and European payment schemes into Form3’s platform, SumUp can support growth without significantly increasing operational costs. Form3’s infrastructure is designed to handle high-volume transactions in regulated environments and supports the addition of new payment methods as SumUp expands internationally.
A spokesperson from Form3 commented that managing payments across multiple markets requires a reliable, manageable infrastructure. Using a single platform can reduce costs and complexity while supporting growth. For SumUp, this integration is part of their strategy to offer a comprehensive financial toolkit for small businesses, including the ability to process SEPA Instant payments quickly.
This partnership underscores a broader trend among fintechs looking to simplify payment connectivity through fewer providers as they scale internationally. Managing direct connections to multiple national payment schemes is complex and costly. A platform-based approach enables companies like SumUp to maintain regulatory compliance and consistent service levels across different markets without the need for extensive infrastructure rebuilding.
