Modulr launches SEPA Instant service

The new service reportedly operates 24/7, settles funds in a timely anner, and presents European businesses with competitive opportunities. The new service enables customers to build and launch embedded real-time Euro payment propositions via the Modulr API, allowing them to send and receive payments immediately, under their own or Modulr’s regulated status. By embedding real-time payments directly into their software, businesses in the European market will be able to deliver efficient and competitive payment propositions easier and quicker than previously possible, according to the official press release.

Historically, businesses have had to contend with next-day settlement of funds (depending on cut-off time) which necessitated technological compromise and manual intervention. As technology has raised the bar for customer expectation, these hidden payment inefficiencies within backend processes surface up to create outdated and slow payment experiences – all to the frustration of the customer, the official press release states.

SEPA Instant’s real-time capability is expected to reshape many traditional payment processes within accounting and payroll, business payments, and retail financial services. SEPA Instant allows businesses to embed it into existing software via the Modulr API. This creates a payments process which is joined up with the business’ wider tech stack and capable of adding value, the official press release continues.

While Modulr expects its payment volumes via SEPA Instant to increase compared to the existing SEPA Credit Transfer scheme, the embedded payments platform also expects customers to use SEPA Instant in conjunction with other services. The typical European payments package would include SEPA Instant for inbound and outbound payments, digital EUR account issuing for fund routing and holding, with physical and virtual card issuing improving the setup, all from one integration with the Modulr API. Modulr also supports access to GBP payments and accounts, including direct access to Faster Payments and Bacs, the official press release concludes.