The new partnership will add extra functionality and benefits to Modulr’s offering, including optimised pricing, speed to market and simpler ways to launch Visa products.
By removing the requirement to go through an intermediary bank, Modulr’s membership eliminates extra layers of friction and complexity, and gives them the ability to issue Visa products directly, meaning greater control over the fintech’s delivery, payment infrastructure and scheme compliance issues.
Modulr will use the partnership to further expand its customer base in Europe, with a view to launching both consumer and business card capabilities for partners in the future, as well as additional issuing currencies. The partnership will also be used by Visa and Modulr to drive adoption within its key market verticals, including travel and alternative banking.
Through direct access to Faster Payments, Modulr holds an account in the Bank of England’s (BoE) Real-Time Gross Settlement (RTGS) system, allowing the fintech to settle payment obligations in central bank money under its Modulr FS Limited entity (FRN 900573). And through direct access to Bacs, Modulr takes full control of its Bacs payment flows and removes any reliance on third-party banking partners. It has now done the same with its Visa principal issuing membership.
Modulr is the payments-as-a-service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a new way to move money. Once integrated, businesses can instantly set up as many accounts as they need. Getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7 through their existing software applications.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now