The supplement, published by Raconteur, talks about how financial services is being transformed by digitalisation and Open Banking under the Revised Payment Services Directive, or PSD2.
It says Modulr is "speeding up the tediously slow process of business payments with a 24/7 automated service that brings transaction times down to less than 90 seconds."
Modulr works with consumer lenders, payroll providers and umbrella companies to help them automate manual error-prone processes, pay out more quickly and achieve greater transparency over funds flows.
Under PSD2, e-money institutions like Modulr, which is regulated by the Financial Conduct Authority, must be reauthorised as a Third Party Provider to provide payment initiation and account information services.
Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP) are two new classes of payment provider under PSD2. AISPs are expected to provide aggregated bank account information and analysis services. PISPs, which “initiate a payment from the user account to the merchant account by creating a software bridge,” may offer bill payment and peer-to-peer transfer services.
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