Aion Bank, a new full-service digital bank, and Vodeno, a cloud-based banking-as-a-service platform, have partnered with cloud-native payments technology specialists Form3 to implement their next-generation payments platform and deliver real-time payment processing, clearing and settlement for Aion’s European members.
Aion Bank offers an all-inclusive approach to banking, which gives its Premium Members access to a number of money-saving products, very high interest rates on savings accounts, ETF based asset management (without any of the typical management fees), competitive rates for loans and personalised financial advice for a fixed monthly fee of 19 euros.
Form3 has scaled rapidly in the last year and is becoming the platform of choice for banks to outsource their payment infrastructure and operations. The company provides an infinitely scalable, high availability, transparent solution to manage and monitor payments 24/7/365. This allows partners like Aion Bank to focus on building great customer centric products.
Aion Bank utilises Form3’s API-first payments platform to run their real-time payment processing via a simple API integration, common across all payment types. Form3’s first release for Aion enabled the digital bank to be a direct participant in SEPA Instant, SEPA Credit Transfer and SEPA Direct Debit. Additional new markets are planned for launch in the coming months.
Tomasz Motyl, Chief Information Officer, Aion Bank said, “We built Aion using the Vodeno Cloud Platform which is fully cloud-based and enabled by advanced API technology. In order to build features and services that would make banking digital first and frictionless for our members we chose the best cloud-native partners, like Form3, to deliver our vision.”
Mike Walters, Chief Product Officer at Form3 commented, “Aion Bank’s aspirations to be a digital first bank that puts the needs of their members at the centre is a perfect fit for the Form3 platform. The speed at which Aion has launched and at which they are scaling can only be done with a cloud-native technology provider like ours.”
Aion Bank is powered by the Vodeno Cloud Platform (VCP). Vodeno is transforming the financial services industry, offering instant access to the most comprehensive banking-as-a-service platform available on the market. VCP offers a fast-track solution for newcomers wishing to enter the financial services market, financial institutions looking to migrate from legacy technology and processes, or financial and e-commerce firms wishing to broaden their portfolio of products.
Founded in 2016, Form3 has built a cloud-native, API led payments technology platform to enable financial institutions to securely and efficiently run and scale their critical payments infrastructure through a fully managed service.
Form3 is trusted by some of UK and Europe’s biggest Tier1 banks and fast-growing Fintechs to handle their critical payments architecture.
Form3 has been ranked in the Top European Fintechs to watch by Sifted 2020 and Fintech 50 2019 and named as the Best Digital Innovation by Bobsguide 2019 and runner up in British Bank Awards for Best Technology Partner 2020.
About Aion Bank
Aion Bank is a new full service, subscription-only digital bank that is designed to help its members save money. Headquartered in Brussels, Aion operates under a Belgian banking licence and combines the best in technology with the breadth of services and guarantees of a traditional bank. Aion Bank wants to completely rewrite the rules of banking and change the system of hidden fees and cross-selling products. Aion’s unique subscription model gives members access to all-inclusive banking, including a number of money-saving products, very high interest rates on savings accounts and competitive rates for loans, and Aion never charges hidden fees or commissions for any of its services.
Aion Bank is backed by global investment firm Warburg Pincus and is managed by seasoned international senior executives with extensive expertise in growing financial institutions.
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