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Business hours payments replaced by “always-on” real-time payment flows
London, UK. 15 November 2017: Modulr is today announcing an industry-first real-time inbound and outbound payments SLA that allows businesses to automate high volumes of complex payments any time, even out-of-hours and on weekends, through its API-driven payments platform.
Working alongside a major high street bank, Modulr has removed layers of legacy technology to tightly integrate with the Faster Payments scheme, bringing transaction times down to less than 90 seconds with unmatched reliability, including out-of-hours and on weekends.
Myles Stephenson, CEO of Modulr, commented: “We want to end the idea of business hours payments once and for all; they have no place in today’s digital business world. Businesses need automated, real-time, ultra-reliable payment flows 24/7 in order to meet rising customer expectations. Unlike currently available bank offerings, Modulr is developer-friendly and, most importantly, not affected by the all-too-frequent out-of-hours outages of legacy systems that are simply not designed to be ‘always-on’.”
Modulr provides a complete alternative for corporate payments, replacing decades-old manual processes and integrations with a simple API. Businesses can create and manage an unlimited number of payments accounts – instantly – and automate fund flows. Modulr’s clients can be up and running on the service within days, making it easy to build payments into the heart of their business with unprecedented control and simplicity.
Myles Stephenson continues: “Around-the-clock access to a rock-solid real-time payments infrastructure is key to building anything, from an alternative banking proposition to a lending company to an efficient Accounts Receivable/Accounts Payable or payroll process. We see this as the next step in the ‘consumerisation’ of financial services, where user experience – so often neglected in corporate services – takes centre stage.”
The service is available to new customers, for immediate sign-up, who can request access here.
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Modulr’s mission is to stop payments being a barrier to growth. Modulr provides a complete payments platform to enable businesses to take payments, reconcile and pay out all through a simple API. Modulr was built from the ground up by a team of payments experts and is backed by one of the UK’s most accomplished venture builders, Blenheim Chalcot. Modulr is regulated by the Financial Conduct Authority (FCA).
For further information – please go to modulrfinance.com.
Modulr Finance Limited, a company registered in England with company number 09897957 and ICO Registration: ZA183068, is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited. Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573).
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