Modulr becomes the only non-bank payment service provider with direct access to all three major UK payment schemes
London, UK | 19 August 2026: Modulr, the payments automation platform built to scale, today announced it has become a direct participant in CHAPS, the UK’s same-day high-value payment scheme, settling directly at the Bank of England.
CHAPS is a critical part of the UK’s payments infrastructure, enabling high-value, time-critical payments. In 2025 the system settled £93.9tn across a record 53.3mn payments, an average of £371.3bn every working day, according to the Bank of England.
As demand and transaction volumes grow, settling CHAPS payments directly at the Bank of England gives Modulr greater control over its payment flows and a more efficient service for customers.
This development also means Modulr is the only non-bank payment service provider (NBPSP) with direct access to all three of the UK’s major payment schemes: Faster Payments, Bacs, and CHAPS.
Myles Stephenson, Founder & CEO, Modulr, said: “Becoming a direct participant in CHAPS is a landmark moment for Modulr; we are now the only non-bank payment service provider in the UK connected directly to all three major UK payment schemes, which uniquely positions us in the market to provide a resilient payments automation platform that scales with our customers”.
About Modulr
Modulr is the payments automation platform built to scale, driving the future of finance operations by streamlining money movement with accuracy, control, and reliability. Through a single platform, Modulr automates how money moves into and out of a business – including payroll, supplier payments, spend management, and payment collection – which in turn removes manual work, lowers operational costs, and reduces errors.
Backed by deep industry expertise, Modulr brings over a decade of experience as a regulated payments provider, delivering the reliability required to run mission-critical finance operations at scale. Processing more than 200m transactions and over £180bn in payment value on an annualised basis, Modulr is trusted by over 6,000 businesses, from fast-growing SMEs to global enterprises, including through a partnership with global financial technology leader FIS. As founding shareholders of the UK Payments Initiative (UKPI), Modulr provides direct access to commercial Variable Recurring Payments.
Modulr is authorised and regulated as an electronic money institution (EMI) in the UK by the Financial Conduct Authority (FCA) and in Europe by De Nederlandsche Bank (DNB).
To learn more, visit modulrfinance.com. Follow Modulr on LinkedIn and YouTube.
