Modulr’s vision is all companies powered by embedded payments.
Embedded payments is a new category which sees payments becoming an integral part of a business’s technology stack. While embedding payments is common in consumer platforms, like Uber and AirBnB who have made payments disappear within their UXs, the business-to-business world has lagged behind.
Businesses accept too much payments friction and a crazy paving of processes. A mish-mash of multi-stage handoffs that are slow and costly, and awkward for the end user.
And all because traditional banks are not designed to work with modern businesses. It’s an outdated system. Think restrictive business hours, little software automation, batch rather than real time, and manual processes fraught with errors.
Many businesses don’t realise there’s another way, but there is.
Embedded payments are revolutionising how we make and receive payments, control and use payments data, minimise errors, and maximise security.
By providing regulated, software-driven payment services that traditional banks can’t offer, Modulr helps businesses to embed payments within their operating platform and tackle long-standing challenges. Gone are ‘business hours only’, ‘batch processes’ and ‘manual reconciliation’. This opens a world of real-time account provision, real time payments and instant actions, all delivered through API integrations.
Through its embedded payments network and services, Modulr enables hundreds of enterprise customers and thousands of SMEs to process and reconcile large amounts of payments automatically and in real time. This saves a huge amount of time and resource and virtually eliminates the possibility of human error. Freeing-up teams to concentrate on more value-adding areas of the business.
By enabling them to take control of payment journeys, Modulr helps businesses to provide the solutions their customers need. These may be quicker transactions through access to real-time payment schemes, services actioned automatically by payments data, or other services such as account creation and cards.
With Modulr, B2B payment experiences finally match up to digital expectations. Businesses in any sector, from investments and trading, to lenders, accountancy firms, travel operators, marketplaces, property companies and car dealerships, can unlock opportunity and drive new revenue streams, far higher efficiency, and smoother end-customer experiences. And all by using a platform built from the ground-up to use payment rails in a way that makes them applicable to the modern world.
Core to Modulr’s success is its robust platform, ability to operate at scale, and unrivalled connections to payments schemes – including the UK’s Faster Payments Scheme and Europe’s SEPA Instant via the Bank of Lithuania. It’s also one of the few non-banks to have direct access to the Bank of England.
This is all underpinned by Modulr’s compliance rigour and regulatory status as an Electronic Money Institution (EMI) in the UK by the Financial Conduct Authority and in Europe by De Nederlandsche Bank.
Today, Modulr handles over £100bn of annualised payment volume and the platform handles on average 30 API calls per second and has an uptime of 99.99%.
Modulr calls this Payments Unleashed.