SD Worx partners with Modulr

Traditional Bacs payments for payroll take three days to land in employees’ accounts – minimising payment flexibility for employers. However, Modulr is a direct participant in the Faster Payments network, so payments clear almost instantly (or within 90 seconds).

With Modulr powering payments, SD Worx can give employers more flexibility to react to challenges around incorrect or missing employee data, data collection issues, unforeseen events, or those that simply need to pay recent starters to the business without the latency often associated with Bacs transfer times.

Other Modulr partnerships

In August 2022, Modulr has partnered with Nebeus to augment its offering with accounts, real-time payments, and Visa cards. The collaboration enables Nebeus to issue branded virtual and physical cards – with ‘out of the box’ issuing features like card-freezing, real-time spend notifications, and spend controls – to their customers across the UK and Europe. This provides Nebeus’ customers with a payment experience equivalent to that provided by a traditional bank account but reportedly improved, crypto-enabled, and instant. Modulr is one of few non-banks to hold and settle GBP funds at the Bank of England, according to the company.

In June 2022, Modulr has launched a real-time EUR payments service, based on the real-time pan European SEPA Instant scheme. The new service reportedly operates 24/7, settles funds in a timely manner, 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.