SalaryFinance is a FinTech business with a social purpose: to help middle-to-low income workers pay off their debt faster and start saving toward their financial goals. Its platform consolidates existing personal debts and lets employees repay them via a single low-interest, fixed-rate loan, direct from their salary. Through its partners, SalaryFinance allows access to a suite of solutions, which take employees on a clear path from debt to savings and provide employers with a sound financial wellbeing strategy for their staff.
The Problem Cumbersome legacy systems
As a market-leading innovator, SalaryFinance was looking to scale a new operating model consistent with its desire to deliver a fairer, better solution
to customers. They needed a payments provider to support their operational build and go to market implementation but were faced with the prospect of working with incumbent providers and their cumbersome, legacy banking systems. These systems added complexity and risked slowing progress, making it harder to provide the low-friction experience that they and their clients expected.
The Solution API-driven automated payments
Modulr’s APIs enable SalaryFinance to quickly and easily create individual accounts for clients, maintain better visibility of cash cows while delivering automated real-time reconciliation and seamless onward payments. This removes the need for time-consuming manual interventions and overcoming the inherent challenge of identifying, tracking and processing payments.
