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. Once integrated, businesses can instantly set up as many accounts as they need. Getting paid, reconciling and making payments is fully automated and can be managed in real-time, 24/7 through their existing software applications.
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.
Modulr accounts replace bank accounts for payments. Modulr provides a new type of payment account that comes with sort codes or IBAN, access to payment schemes and everything you’d expect, but they’re faster, easier and more reliable.
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.
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 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.
Modulr clients are issued with e-money accounts on the Modulr platform. These accounts have an account number under one of Modulr’s Sort Codes, or an IBAN associated with Modulr’s bank identifier code (BIC). These e-money accounts are provided under Modulr FS Ltd’s license as an AEMI (FRN: 900573).
In line with our regulatory requirements, 100% of client funds related to the e-money that Modulr FS Ltd has issued are segregated from Modulr’s own funds and are held within designated Client Money Accounts with our clearing bank.
This means 100% of client funds are protected from any risk associated with Modulr’s solvency. Modulr uses a range of clearing banks for different services, but with Direct Access to Faster Payments and Bacs, Modulr holds funds associated with UK domestic flows at the Bank of England.
In line with the Electronic Money Regulations, Modulr FS Ltd holds an additional ‘own funds’ to the value of 2% of the safeguarded balance. AEMIs like Modulr FS Ltd have a responsibility to notify their regulator should their ‘own funds’ fall below this 2% mark. 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 winddown 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 of an AEMI if required. As such, while the Financial Services Compensation Scheme (FSCS) is not applicable as a protection for e-money products, the regulatory regime outlined above can be relied upon instead and protects the full balance of customer funds as opposed to only protecting up to a cap.
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.