Modulr becomes issuing member of Mastercard

Modulr will use the partnership to further expand its product portfolio, diversify its range of options for its customers and drive adoption within key market verticals, such as travel and alternative banking. Modulr became the first non-bank to launch Confirmation of Payee, a fraud prevention initiative spearheaded by Pay.UK

Through direct access to UK's Faster Payments company, Modulr has an account in the Bank of England's Real-Time Gross Settlement (RTGS) system, which enables Modulr to settle payment obligations with central bank money under its Modulr FS Limited entity. It will do the same for its principal issuing membership for Mastercard.