PaymentsSource, the world’s leading media title covering the global payments ecosystem, recently featured an interview with Modulr CEO Myles Stephenson in a front-page story on solving the problem of slow business payments.
Speaking with Editor David Heun, Myles tells the story of how and why Modulr was created, the gap we filled in the market and what businesses stand to gain from faster payments.
“What we are trying to do is turn reconciliation on its head” said Myles. “Rather than aggregating business payments into a single bank account and reconciling later, Modulr issues individual accounts for each customer, making it easier to monitor payments and inform the customer when the money arrives”
PSD2 has also played a major role in opening the door for payments innovation. “Modulr is an example of what the PSD2 creators has in mind,” writes David, “allowing savvy tech companies to create APIs that will connect to the country’s faster payments rails or card brand network rails.”