Open Banking API: Experience smooth payments from one platform

Combined with Modulr eMoney accounts, get notified as soon as payments arrive, manage refunds and easily reconcile funds.

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Pete Cheyne

Founder at Bottlepay

"The App-to-App nature of Open Banking is great for the user experience. Conversion rates are higher and it’s a much better experience. All in all, it's been overwhelmingly positive."

One partner: Open Banking, accounts, all your payment needs

Old World New World

Old World without Modulr

Slow, expensive and clunky

Old World payment methods - such as cards - are not compatible with our digital expectations.

On the business side, that has meant adding more middle people and processes to shoehorn them into a digital world, which has made it costly and time consuming.

Existing payment methods also provide a cumbersome online customer journey and seriously hamper the brand experience, especially with customers aware of better UX alternatives in the market.

New World with Modulr

Instant, convenient and powered by Modulr

Enter Open Banking payments, powered by Modulr.

Unique to the market, Modulr combines Open Banking payments with eMoney accounts, making fund flows visible and reconciliation automated.

Give customers the smooth payments experience demanded by the Instant Economy. Prefill payment details, route customers to their banking apps and keep them within your brand, and instantly notify them when funds arrive.

Make your payments Instant Economy compatible.

Combine Open Banking payments with dedicated accounts for total visibility and auto reconcillation.

Say goodbye to slow and expensive payments

We’re in the instant economy where customers expect instant gratification and demand superior frictionless customer experiences.

The payment methods of yesteryear struggle to serve these needs and to top it off, they can be costly to offer, cumbersome to use and are prone to fraud.

OpenBanking_SlowExpensive

No more expensive card processing fees

Acquiring costs amount to an expensive 0.5 – 2% of the transaction value.

Reduced fraud and chargebacks

Card payments are susceptible to fraud but with Open Banking payments, customers authenticate directly with their bank using SCA. That means no more chargebacks and chargeback fees.

Curb the poor customer experience and abandonment

No more long card numbers, expiry dates, CVV codes and frustrating pop-ups.

No more middleparties and waiting days for settlement

Just instant payments from one account to another, powered by Open Banking.

Smooth and assured customer experience

Payments are initiated from within your app or website and completed with just a few clicks. Customers authenticate with their bank using SCA for peace of mind knowing fraudsters are kept at bay. All from one API to put you in control.

Instant notification and easy reconciliation

Using Faster Payments, funds will arrive in your account in an instant with no intermediaries to slow things down. Use our web-hooks for notification of funds arriving, easy reconciliation and payment flow automation.

Fixed costs

We’ll only charge you for successful payments made, and it’s a fixed price per transaction.

Refunds

Use our API to provide instant refunds and differentiate your customer experience.

Hello Open Banking payments, powered by Modulr

Give your customers a quick, safe and secure instant payment experience for single or recurring payments.

Embed cost-effective Open Banking payments within your branded app or website for higher customer engagement and less drop off.

With Modulr you’ll benefit from instant notification of settlement to your account, easy reconciliation and simple refunds using our API.

OpenBanking_PoweredByModulr

Single immediate payments
Recurring payments

Single immediate payments

Perfect for: One off collections including checkouts, top-ups and deposits.

Lightning fast one-off payments from one account to another in just a few clicks.

Single immediate payment

Anytime payments
Available 24/7 via Faster Payments.

High value payments
Collect up to £250,000 with single immediate payments.

Instant notification of receipt
Receive money in near real-time and get notified instantly as soon as funds arrive in the account.

Refunds made easy
Differentiate your customer experience by providing refunds using our API.

Recurring payments

Perfect for: Scheduled top-ups, rent collection, subscription services.

Enable your customers to quickly and easily create Standing Order payments from within your app or website.

recurring payments graphic

Ideal for recurring experiences
Where the amount to be paid stays the same: scheduled account top-ups, rent payments or subscription services.

No longer a disconnected process
Customers can initiate recurring payments from within your app or website in a couple of clicks.

Receive instant confirmation
We'll let you know in real-time when the recurring payment has been set up using our API.

Reduce set up errors
We're all prone to errors, especially when we're filling out fiddly payment boxes in a rush. Prefill payment details for the customer.

Card issuing use cases in your industry

Banking
Accounting
Property
Crypto
eCommerce
Lending

Banking

Letting customers top up their bank accounts with payment cards can incur significant fees, while topping up via bank transfer can result in a cumbersome customer journey.

Open Banking payments offer a cost-effective, account-to-account alternative that provides a better UX for today's banking customers who are used to seamless digital experiences.

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Accounting

Give accountants the tools to they need for faster payments and real-time automatic settlement. Funds will arrive in accounts in an instant, and real-time notifications will be received via webhook when the money has landed.

This makes payment processes easier and more transparent; saving accountants significant time and reducing the cost of manual reconciliation.

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Property

The process of setting-up recurring rent collections via Direct Debit or using card details held on file often results in a poor customer experience. These collection methods can also be costly and settlement timelines problematic, and the process can be error prone if the wrong information is provided to the bank.

With Open Banking, payment details can be prefilled by the landlord so the risk of error is eliminated, all the tenant has to do is confirm the standing order payment details in their familiar banking App.

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Crypto

Businesses in the wealth management and crypto space traditionally offer recurring account top-up facilities to their customers using Direct Debits or card-on-file transactions but these are cumbersome to set-up, can be costly to administer and the settlement timelines problematic.

The superior customer experience offered using Open Banking is well suited to integrating within modern wealth management and crypto apps. It’s quick and in only a few clicks a customer is able to set-up a regular top up straight into their account.

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eCommerce

Merchants that sell large volumes of products online could cut costs significantly by using Open Banking payments, as it’s a flat fee model. And they can ship goods with confidence because funds are transferred immediately to their account, without risk of fraudulent customer chargebacks.

Plus, getting the checkout process up to scratch will only help eCommerce businesses convert their visitors into customers. This streamlined and intuitive experience can help to build customer loyalty and reduce abandonment or drop off.

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Lending

Open Banking is ideal for recurring loan payments where the amount to be paid remains the same. Borrowers often pay in instalments by bank transfer, but this means they might enter the wrong amount or account number.

With Open Banking, they can be sent a link with the destination and amount already filled, so there’s no chance of error. Lenders can also take advantage of Open Banking to collect overdue repayments. Borrowers can be sent a link with prepopulated details for a fast, user friendly experience

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