Lloyds Banking Group has partnered with Form4 to accelerate digital transformation.
Form3 is a FinTech that offers cloud-native payments technology.
It supports the industry New Payments Architecture initiative (NPA).
Lloyds will now be able to develop a Payments-as-a-Service platform.
What does this mean?
The bank hopes to improve customer experience by making payments processes more efficient. It will also take a stake in Form3 as part of the deal.