Modulr are making changes to how your payments are processed

As you will have heard, Modulr has become a direct participant of Faster Payments and Bacs schemes. This gives direct access to the Bank of England and brings exciting developments for our customers. To take advantage of this, we will be migrating customer sort codes so that Faster Payments and Bacs payments route directly to Modulr through the schemes, as opposed to through our agency banking partner as they have done to date.

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What is direct access?

Direct access removes our dependency on third parties. Faster Payments and Bacs payments will route to Modulr at the Bank of England through the schemes, as opposed to through our agency banking partner

What is the benefit?

As direct participants to the schemes, Modulr will have greater control over the quality and reliability of our service to you

What do you need to do?

You do not need to do anything to enable the change, Modulr will manage the process end-to-end

When is this happening?

The switch is planned for Friday 21st February, this is to align to an industry-wide update that happens every Friday evening

Customer Impact

What do you need to know?

The switch is planned for Friday 21st February. Any changes to the expected date will be communicated in advance.

All changes will be entirely managed by Modulr. You do not need to do anything to manage the change.

Inbound Faster Payments

Your inbound Faster Payments will be queued from 17.00 on Friday 21st February for up to 30 minutes.

We will let you know when we have released each queue, inbound Faster Payments will then flow as normal.

Outbound Faster Payments

Your outbound Faster Payments will be queued from 16.55 on Friday 21st February for up to 30 minutes.

We will let you know when we have released each queue, outbound Faster Payments will then flow as normal.

Any questions?

We will have both Operations and Customer Support teams on hand 24/7 to ensure the switch happens as expected.

If you have any questions please email: support@modulrfinance.com

Additional Information

To ensure everything runs smoothly, we will instigate a short queue to the Faster Payments service on Friday. 

During this time you can continue to execute payments as normal and these will be submitted once the queue is released. 

Our Operations and Customer Support teams will be on standby to ensure the switch runs as expected.

What does direct access to the Bank of England mean?

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"Being no longer reliant on a third party means we can drive more resources to providing and maintaining a higher quality service for our customers".

Our COO Martin Threakall explains how we're able to provide superior reliability for our customers. Read more here.