Modulr becomes issuing member of Mastercard

Wednesday 9 September 2020 12:41 CET | News

UK-based fintech Modulr has joined Mastercard as a principal issuing member, granting it direct access to the global payments network.


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.

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Keywords: Modulr, MasterCard, issuing partner, online payments, Confirmation of Payee, fraud prevention, Pay.UK, UK Faster Payments, real-time gross settlement, RTGS, payment settlement, United Kingdom, Europe
Categories: Fraud & Financial Crime
Countries: United Kingdom
This article is part of category

Fraud & Financial Crime