- My Digital Accounts will take advantage of Modulr’s direct access to Faster Payments to bring greater payment efficiencies for the UK’s temporary workforce
- This will enable umbrella companies and recruitment agencies to make real-time payments at scale
- My Digital Accounts is a cloud-based contractor payroll and accounting software provider
London, UK, 22 September 2020: My Digital Accounts, the leading cloud-based contractor payroll and accounting software provider, has today announced it has partnered with the FinTech Modulr to provide flexible and scalable payment options to the UK’s flexible workforce.
The temporary labour market has been significantly affected by the Covid-19 crisis. As many businesses turned to survival mode in March, contractors and temporary workers were among the first to face redundancy or see significant delays in receiving payment for their work. And with many contractors relying on the traditional, manual payment processes used by umbrella companies to manage their cash-flow, the pandemic has compounded these hidden inefficiencies.
My Digital Accounts, powered by Modulr’s direct access to critical payments infrastructure such as Faster Payments, will provide contractor accountants, umbrella companies and recruitment agencies with a more agile and reliable method of making and reconciling payments.
Modulr’s platform allows My Digital Accounts to remove many of the manual processes its clients currently rely upon for payments processing and replace them with automation - such as removing the need to download any files from the cloud. This in turn reduces the number of manual errors made when processing payments, which becomes particularly critical when dealing with multiple transactions and high transaction values.
Through the partnership, My Digital Accounts, which currently calculates payroll for over 250,000 transactions and 35,000 payments each week, at a value of over £1 billion each year, will provide enhanced efficiency for contractors, umbrella companies and recruitment agencies - something which is more essential than ever as we move into the new normal. It will also be able to pass on cost savings to its customer base thanks to Modulr’s competitive pricing structure compared to traditional banks.
John Whelan, CEO of My Digital Accounts concluded, “Technology is driving efficiencies in many business processes but the more traditional and conservative a business sector is, the greater will be the impact of disruptive technologies like Modulr. It took banks a while to finally accept emails as a standard practice, two decades later than the rest of the world. Open Banking has brought the banks, eventually, into the 21st century and disruptors like Modulr are accelerating the evolution of banking into a more efficient and cost-effective space. We are proud to be a Modulr partner in this new world.”
Myles Stephenson, CEO of Modulr commented, “My Digital Accounts’ innovative cloud-based platform, leading technical skills and now its partnership with Modulr will take the hidden inefficiencies out of payments for the UK’s temporary workforce. This is something that’s more important than ever given the impact of Covid-19 on the umbrella market.
“Powered by Modulr, our payments infrastructure will bring automation to My Digital Accounts’ customers, providing reliability and scalability as their business grows. We look forward to working with My Digital Accounts to drive even further innovation for the temporary workforce.”
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr Finance Limited (FRN: 900699) is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited (FRN 900573). Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority.
For further information - please visit www.modulrfinance.com
About My Digital Accounts
My Digital Accounts is the leading SaaS supplier for tomorrow’s digital employers. Our background in accountancy, tax, human resources and SaaS software has allowed us to build out the most complete software suite for recruiters, umbrella companies, PEOs, pension providers, insurers and checking operators.
For further information - please visit www.mydigitalaccounts.com