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Real-Time Payments Pave Way for Further Adoption of Platform-as-a-Service Models


Steve Cook, chief technology officer at Form3, said in an interview with PYMNTS that the Platform-as-a-Service model is seeing a tailwind from the rise of instant payments.

He noted that the United States may be in “a bit of a transformation at the moment,” as real-time payments grab headlines, and the FedNow® Service has debuted (and where The Clearing House’s RTP Network® has been around for six years).

But, he added, faster payments have been ramping up for several years in the United Kingdom and elsewhere. Form3, for its part, has been processing traffic on its platforms tied to instant payments for more than six years.

Faster payments, he said, “may be relatively new, but they’re not bleeding edge anymore.” The same goes for Platform-as-a-Service, where much of the technical heavy lifting of payments and new modalities is outsourced to providers (Form3 among them) which offer ease of connectivity without client firms having to rip and replace legacy systems.

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