Learn how Modulr's real-time Euro payments service can help businesses to unlock faster, easier and more reliable ways to move money across Europe - all from one powerful platform.
Product summary at a glance:
What is Modulr's real-time Euro payments service?
Accessed by API, Modulr customers can now access our real-time European payments service based on the SEPA Instant rails, the Euro’s real-time payments scheme.
SEPA Instant provides for instantly crediting, in EUR, a payee with an account at another SEPA Instant enabled Payment Service Provider (PSP).
What are the benefits of Modulr's real-time Euro payments service?
Our real-time Euro payments service, via our API-first platform, makes sending EUR in real-time, simple and cost effective for you and your customers.
✔️ Funds are available within 10 seconds in the beneficiary’s account
✔️ Transfer up to 100,000 Euros in one go, ideal for many consumer and business daily transaction needs
✔️ Potential scope of 36 European countries, and adoption growing
✔️ 24/7 service availability and fulfilment
✔️ Automate and embed SEPA Instant flows via our API platform that scales as your business grows
✔️ Real time notifications and immediate confirmation through our payment engine when you send or receive funds
✔️Cashflow efficiency - sent in real-time - hold onto funds and only release when required
How well adopted is SEPA Instant?
SEPA Instant is a relatively new addition to SEPA. So far, 60% of European Payment Service Providers (2300+) from 36 EU countries have joined. Austria, Germany, Finland, Spain, Slovenia, Italy, Estonia and Latvia have SEPA Instant adoption greater than 50%. The European Commission is set to introduce legislation to ensure full EU-wide coverage of SEPA Instant in early 2023. If SEPA Instant is not supported by the receiving PSP, the transaction is sent via SEPA CT.
When would I use Modulr's real-time Euro payments service?
As SEPA Instant settles up to 100,000 EUR in 10 seconds, Modulr's real-time Euro payments service can be used for daily business and consumer payment needs.
How much do real time Euro payments cost?
Modulr's real-time Euro payments, harnessing SEPA Instant, cost the same as SEPA CT payments.
How long does it take to integrate with Modulr?
Existing customers can take advantage of Modulr's real-time Euro payments service immediately. New customers will need a EUR account on our platform.
Which industries will benefit the most from real-time Euro payments?
Modulr's real-time Euro payments service can benefit any business that processes payments in the Euro zone, but there are certain industries where it is set to have a more significant impact:
Lending
You're under pressure to approve applications and disburse loans quickly, but manual payment processes are slow and inefficient. Real-time Euro payments allow for the immediate disbursement of funds to the customer, once loans have been approved. Plus, immediate receipt of inbound funds such as investor funds and loan repayments simplifies and speeds up consolidation.
Leveraging SEPA Instant, Modulr's real-time Euro payments service makes it easy for consumer and business lending companies to disburse loans at speed, track borrower repayments and reduce operating costs. We can help you seize a competitive advantage by delivering a faster, more reliable experience to borrowers and investors.
Deliver a first-class lending experience and reduce your operational costs with instant, real-time loan disbursements across Europe and easy repayment reconciliation, so you can focus on growing your business.
Payroll
Paying employees or suppliers is slow and inefficient, especially when waiting for payments to clear or chasing internal authorisations.
With Modulr's real-time Euro payments service you can pay suppliers and employees on time, every time. You don’t have to wait for payments to clear and errors to surface. Process last minute changes easily and spread your workload. And supplier invoices can be paid immediately rather than waiting for the next payment cycle.
For Salary Advance providers, real-time Euro payments mean there’s no delay in the flow through Modulr and on to the customer receiving the salary advance. Advances can be made when they’re requested, rather than having to wait for the next payroll run.
Fintech / Alternative Banking
Supercharge your alternative banking proposition with Modulr's real-time Euro payments service plumbed into the SEPA Instant payment scheme; allowing you to offer the full suite of payment services demanded by today’s customers, including the immediate processing of payments across the Euro zone.
Deliver a superior customer experience, in an instant, by offering the ability to send and receive real-time payments 24/7. Customers can transfer up to 100,000 Euros in one go, ideal for many consumer and business daily transaction needs. While you just have one point of contact to the relevant payment schemes.
Harness the power of the wider Modulr platform to automate real-time pay out, simplify reconciliation and deliver exciting new alternative banking services across Europe.
Travel
It’s never been more important to provide a great customer experience. And a poor, fragmented payment or refund experience will lead your customers on a one-way journey to your competitors. Make your EUR payments faster and easier with real-time Euro payments, powered by Modulr, and win back customer trust with an elevated customer experience.
And we’re not just talking fast, we’re talking seriously fast. Funds are available within 10 seconds in the beneficiary’s account and the solution allows for the immediate payment of outbound payments to suppliers like airlines, hotels when they need it, rather than waiting for the next payment cycle.
Leverage the wider Modulr platform and enjoy full oversight of every part of your payment flows. You’ll also get real-time notifications of all your activities. And, you can reverse payments faster than your customers can change their mind.
Property Services
Customer demands are changing rapidly. Clunky payments processes and a lack of flexibility and resources are hindering scalability. You’re too consumed by ensuring payments in and out happen, and wish you could free up time to focus on the holistic tenant and property owner experience.
With Modulr's real-time Euro payments service, you can enhance your payment offerings to include instant settlement in EUR. You’ll benefit from real-time notifications so you can provide your customers with instant balances and automatic reassurance, and an unrivalled customer experience.
Modulr makes it seamless to make and reconcile property payments in EURs to support business growth and scalability, and the addition of SEPA Instant makes it now even faster.
Merchant Services
Payments are the lifeblood of any business. But today’s acquirers, merchants and PayFacs face many challenges, including growing competition, the threat of fraud and an outdated, fragmented and costly payments infrastructure. Traditional card payments are slow to process and incur significant fees for merchants.
Modulr's real-time Euro payments service offers a cost-effective, real-time alternative to payment cards for payments in the Eurozone. Funds are available within 10 seconds in the beneficiary’s account and its possible to transfer up to 100,000 Euros in one go, ideal for many consumer and business daily transaction needs. Sent in real-time, SEPA Instant allows merchants to pay and get paid instantly, for optimum cashflow efficiency.
Crypto
Seamlessly integrate with the fiat world and supercharge your crypto, blockchain and DeFi offerings. Whether you want an instant fiat on/off-ramp or to run a full-scale fintech super-app with crypto at its heart, we can support you with secure, transparent real-time transactions, in the UK and across the Euro zone.
Customers want instant crypto experiences, but receiving funds takes hours or days. By which point, price points have changed and you may lose your customer, or even put off non-crypto-natives entirely. Harness the power of Modulr's real-time Euro payments service and allow your customers to invest instantly and take advantage of current price points, as well as the ability to withdraw earnings straight into their external bank accounts.
Improve Crypto-as-a-Payment uptake for merchants with instant fiat settlement for merchants who accept crypto and more ways for consumers to pay and accept the fiat conversation payments, instantly.
Wealth Management
Deliver a smooth and fast payments experience for customers wanting to trade stocks or invest in wealth management funds through your platform and enhance your payment offerings to include instant settlement in EUR.
Allow your customers to trade and invest in real-time and take advantage of current price points, as well as the ability to withdraw earnings straight into their external bank accounts.
Funds are available within 10 seconds in the beneficiary’s account and its possible to transfer up to 100,000 Euros in one go. Sent in real-time via the SEPA Instant payment rails, you can hold onto funds and only release when required for optimum cashflow management.
How can Modulr provide real-time Euro payments?
As an EMI which is licensed and regulated by De Nederlandsche Bank (Relatienummer R182870) as an Electronic Money Institution, Modulr has API-first access to the Single Euro Payment Area (SEPA) and the SEPA Instant payment rails, the European-wide payments scheme.