Hodge, Modulr to improve payments experience for customers

Modulr and Hodge have partner to provide the UK-based bank with the underlying payments and accounts infrastructure to deliver an imrpoved digital banking experience to its customers.

Powered by Modulr, Hodge customers will now get all the benefits a digital banking experience and improved customer service bring. Including the ability to see their balance and payments in real-time for increased control and reassurance. Likewise, Hodge’s customers also benefit from Modulr’s Confirmation of Payee service, ensuring when the customer sends funds to their Hodge account number, the sending bank recognises the account as their own.

Hodge can provide each savings customer with a unique account which is connected to Faster Payments and Confirmation of Payee (CoP). The Hodge platform receives webhooks in real-time when payments are received into the account, allowing them to notify customers immediately. 

Modulr is a directly connected participant of Faster Payments, allowing the fintech to settle directly with the Bank of England, and was the first non-bank or building society to roll out Confirmation of Payee services, the company states.

Without these services, transfers can take hours or even days and customers receive limited notifications on their payment status. This can lead to customer anxiety, particularly when making large transfers for the first time. This new method means real-time notifications, more security, and transparency which increases customer confidence.