Modulr launches Payment Initiation Solution for faster payments

Source: IBS Intelligence 2020-06-17

Payments as a Service API platform, Modulr announced the launch of its Payment Initiation Solution, post registering with the FCA as a Payment Initiation Service Provider (PISP). This development is expected to provide the company’s users with an improved way of accepting payments.

Modulr’s payment initiation will allow merchants to accept payments directly from their customers’ banks. The solution will operate on a fixed fee basis rather than charging a percentage per transaction, thus leading to savings for merchants.

Jakub Zmuda, Chief Product Officer at Modulr, said, “Payments are too important to get wrong – yet many businesses are struggling with hidden inefficiencies in their payments processes. Existing payment methods simply aren’t fulfilling the needs of merchants, especially those that are processing large volumes or high-value transactions.

The solution is also expected to reduce the chances of fraud as it requires customers to verify each transaction through their bank, thus needing a two-factor authentication. It is currently connected to some UK banks with more European banks to follow.

Modulr stated that its Payment Initiation solution is expected to benefit other sectors too. Neobanks will leverage the solution for developing a cost-effective way to let customers recharge their accounts. It will allow other areas such as property services to lending by offering an enhanced form of taking payments from customers or clients.

“Modulr’s Payment Initiation will be a game-changer for any business that accepts customer payments. It’s fast, easy and secure – delivering instant notifications and more streamlined customer experience. It’s the next big step towards delivering the Instant Economy for our users and their customers,” Zmuda concluded.

Recently, Modulr raised £18.9 million in a funding round led by Highland Europe along with the participation of investors including Frog Capital and Blenheim Chalcot.

Modulr

FCA

PISP

Modulr launches Payment Initiation Solution for faster payments

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