Access as much of our payments platform as required, pricing is based on transaction and account volume and varies by product.
Automate your payment flows and infrastructure
Payments at the heart of your software
'Out of the box' solutions to build new products
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Around-the-clock access to a real-time payments infrastructure is key to building any successful financial service. With Modulr, we not only have a partner we know and trust, but one who we can work with to launch new payment products with ease.Nik Storonsky CEO and Founder
We chose to work with Modulr because of their deep experience in payments infrastructure, their foresight to innovation and their commitment to serving businesses who sorely needed better payment capability.Chris Downing Director
Modulr is the Payments as a Service API platform for digital businesses that need a faster, easier and more reliable way to move money. We provide the digital infrastructure that enables businesses to automate their payment flows, maximise efficiency and put payments at the heart of their platforms, workflows and customer experiences.
Modulr integrates into any product or system via its API, enabling digital businesses to instantly set up as many payment accounts as they need to begin getting paid, reconciling and making payments.
Modulr’s Payment as a Service model is built to equip its partners and clients for the Instant Economy, where businesses and their clients demand total control and visibility over their payments in real-time, at all times.
Digital-first payment solutions are built to operate seamlessly with other technology and software. Modulr’s API enables businesses to take advantage of convenient, scalable and reliable payments that are the hallmark of the Instant Economy.
The main difference between Modulr, an E-money Institution (EMI), and a bank is that banks lend money, whereas EMIs are prohibited from lending money. Our payments service is regulated by the same payments regulations as a bank’s payment service but we don’t lend or offer interest.
Banks take deposits from customers to lend money out and make money on the difference (the Net Interest Margin) whereas an EMI holds 100% of clients’ funds at all times and makes its money on the volume of payments and accounts. This means we’re built to optimise and encourage payments and accounts growth, making it our job to scale your business with you.
Modulr FS Limited (FRN 900573) is an Authorised Electronic Money Institution (AEMI), regulated by the Financial Conduct Authority. This allows Modulr FS Limited to issue electronic money (e-money) to clients, holding client funds in safeguarded accounts, and provide related payment services to customers. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited. Modulr FS Europe Limited is a company registered in Ireland with company number 638002, authorised and regulated by the Central Bank of Ireland as an Electronic Money Institution (Institution Code C191242).
Payment services within the UK are subject to the Payment Services Regulations (PSR). This is the common regulation which applies to all payment services, meaning there is no material difference between how a payment service at Modulr or a bank is regulated.
The options are limitless, our API allows you to use payments as trigger events.
You can create bespoke triggers and notifications on accounts, so funds flow how you need them to. This will make payment processing and reconciliation easier and eliminate manual effort and errors.
We ensure that 100% of the funds we receive in exchange for electronic money are safeguarded on receipt, meaning that these are segregated from all other funds that we hold and they cannot be used for any other purposes. This is completely separate from the additional capital resources that Modulr holds to meet its corporate obligations.
Furthermore, as an EMI, we must also hold an additional 2% of the total value of safeguarded client funds in our own funds, which are held separately to those client funds. The purpose of the funds is to ensure that, in the case of any business issues, there are enough funds to support an orderly business wind-down and the process of returning of client funds held back to clients. Combining this ‘own funds’ requirement with the safeguarding means that customer funds are 100% available to a customer, and there is a protection mechanism to help ensure an orderly wind down, if required.
These plans include the early identification of a potential insolvency event and the return of your funds before an insolvency process. We have to provide these plans to the FCA and they are subject to external audit review. This further reduces the unlikely event of your funds having to be returned during our insolvency. In the unlikely event that Modulr becomes insolvent, your funds are separate from the funds of Modulr and therefore the creditors of Modulr (other third parties that are owed money from Modulr) are not able to make a claim or have any effect on your funds.
In addition to the safeguarding and further ‘own fund’ requirements we’re also required to prepare orderly wind down planning. These plans include the early identification of a potential insolvency event and the return of your funds before an insolvency process. We have to provide these plans to the FCA and they are subject to external audit review. This further reduces the unlikely event of funds having to be returned during our insolvency. In the unlikely event that Modulr becomes insolvent, your funds are separate from the funds of Modulr and therefore the creditors of Modulr (other third parties that are owed money from Modulr) are not able to make a claim or have any effect on your funds.
An independent insolvency professional (referred to as an ‘insolvency practitioner’) will be appointed to return your funds to you. However, where an insolvency practitioner is unable to take their costs of sending the funds to you from elsewhere (for example, the general pot of Modulr funds remaining or from the additional 2% own funds described above) they are entitled to take their costs from your funds. In this unlikely circumstance, while you’ll likely receive most of your funds you may not receive the total value if costs are deducted. The process of returning your funds by an insolvency practitioner is likely to take longer than if you were making a claim in the FSCS.
The Modulr API integrates with any platform or system, making it easy to build payment efficiency into the heart of any business or product. Our partners include Sage, Paxport and Revolut to name a few.
You can see more from our customers in our case studies.