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.
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
As direct participants to the schemes, Modulr will have greater control over the quality and reliability of our service to you
You do not need to do anything to enable the change, Modulr will manage the process end-to-end
The switch is planned for Friday 21st February, this is to align to an industry-wide update that happens every Friday evening
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.
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.
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.
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: firstname.lastname@example.org
"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.