Modulr and FIS have partnered to enable the UK-based payment technology provider's expansion into the US market.
The partnership will see Modulr provide technology for FIS's Money Movement Hub, a cloud-native orchestration platform designed to integrate major payment networks through a single API. This marks Modulr's first expansion beyond the UK and European markets, where it has operated since its founding.
US real-time payments infrastructure
The expansion targets growing demand for real-time payment solutions in the US market, which has seen the introduction of two instant payment systems in recent years: The Clearing House's Real Time Payments network, launched in 2017, and the Federal Reserve's FedNow service, launched in 2021. The FIS Money Movement Hub provides financial institutions with unified access to real-time, batch, and cross-border payment rails through a single integration point.
Modulr brings experience in payment scheme access across the UK and Europe, including direct participation in the UK's Faster Payments and Bacs schemes, as well as SEPA and SWIFT connectivity. The company holds electronic money institution authorisation from the Financial Conduct Authority in the UK and De Nederlandsche Bank in the Netherlands.
Platform scale and capabilities
Modulr's API-first platform currently processes more than 300 million transactions annually, with total payment volume exceeding GBP 150 billion. The platform enables businesses to integrate payment capabilities, including account services, card products, and multiple payment methods. Modulr maintains settlement accounts at the Bank of England and holds principal issuing memberships with Visa and Mastercard.
The partnership reflects broader adoption of real-time payment infrastructure by US financial institutions as they seek to modernise payment processing capabilities and expand service offerings for commercial and retail clients.
