News Release

We’re committed to payments reliability, now and into the future

Modulr By Modulr on 3 April 2020   •   4 mins read
<span id="hs_cos_wrapper_name" class="hs_cos_wrapper hs_cos_wrapper_meta_field hs_cos_wrapper_type_text" style="" data-hs-cos-general-type="meta_field" data-hs-cos-type="text" >We’re committed to payments reliability, now and into the future</span>
  • Our teams remain committed to delivering the 24/7 support our customers have come to expect
  • We’re continuing to ensure payments run smoothly and to help customers automate processes
  • Our recent partnerships and direct access to payment schemes boost operational resilience
  • We’re pleased to announce we’ve raised funding to help further bolster our services

Here at Modulr, we recognise the financial and economic uncertainty that many businesses are facing.  We’re in a time of unprecedented disruption due to COVID-19 and now, more than ever, we know businesses need their critical infrastructure to work as usual.

To support our customers through this, we're sticking to what we do best; – ensuring payments run smoothly; helping to automate processes and drive operational efficiency; and keeping everyone informed about how payments are tackling change across different sectors.

To support our teams, we're making operational changes designed with their safety at heart. 

This update will shed some light on what’s currently taking place at Modulr and how we plan to navigate this new environment together.

 

We’re committed to service sustainability

Like every business in the UK, Modulr has made operational changes in the light of the COVID-19 situation. Employees across all of our regions are working from home and, thanks to our digital infrastructure and technology-driven culture, we’re well equipped to manage this shift.

This allows us to continue delivering the level of service our customers have come to expect, including 24/7 support for incidents and emergencies. We can whitelist IP addresses upon request, so your employees can continue to access the Modulr portal remotely. Speak to your customer success representative.

 

We’re committed to our customers

The current climate presents challenges for businesses across all industries. But payments don’t stop, and neither does Modulr. We’ll continue to ensure your payments flow smoothly so you can focus on the matters at hand. 

We also know that during this time, you need to identify areas for efficiency gains. That’s why we’ll continue sharing content we think is relevant and useful. We hope this content will help you uncover hidden inefficiencies in your payment flows and navigate changes in your industry.

Now, more than ever, we’re big believers that discussion and collaboration with our customers is the best way to adapt and innovate and we’re always seeking input about how to improve payments, or use cases to which we can apply our technology. Our API sandbox is open and has been designed so that developers can try it out and start experimenting. 

 

 We’re directly connected to payment schemes and networks

Last year, Modulr became one of a small number of non-bank payment service providers (PSP) to become a direct participant of the Faster Payments and Bacs schemes. This means we hold an account in the Bank of England’s (BoE) Real-Time Gross Settlement (RTGS) system, allowing us to settle payment obligations in central bank money. Following this announcement, we’ve now successfully finished migrating all customer accounts to the direct access solution.  

We also became a principal issuing member of Visa, allowing us to deliver a broad portfolio of services, including Visa-issued products. By removing our reliance on third parties, direct access puts us in an even stronger position to drive innovation and deliver the best possible service to customers. And it allows us to compete alongside the most established financial institutions.  

 

We’ve secured further funding

Thanks to these successes, and our track record of stability, reliability and growth, as a team we’re pleased to announce that we’ve secured significant funding from a leading European Growth Capital firm, alongside existing investors. This is in addition to the £10m grant funding we were awarded in 2019 from the BCR’s Capability & Innovation Fund. We will be announcing the detail of the Growth Funding as soon as the regulatory processes are complete.

We will use this investment to further bolster our payments infrastructure and develop a broader product suite. The funding  will help us to move forward with our goals and ensure our customers’ payments continue to run seamlessly, now and into the future. 


 

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Please don’t hesitate to reach out if you have any questions about Modulr’s continuity plan, or suggestions about how we can be of further help.

From the whole Modulr team, take care and stay safe.