Modulr introduces sub-90 second, 24/7 business payments

Modulr is today announcing a real-time inbound and outbound payments SLA that allows businesses to automate high volumes of complex payments any time through its API-driven payments platform.

Working alongside a major High Street bank, Modulr has removed layers of legacy technology to tightly integrate with the Faster Payments scheme, bringing transaction times down to less than 90 seconds with unmatched reliability, including out-of-hours and on weekends.

CEO Myles Stephenson

“We want to end the idea of business hours payments once and for all; they have no place in today’s digital business world,” Modulr CEO Myles Stephenson said.

“Businesses need automated, real-time, ultra-reliable payment flows 24/7 in order to meet rising customer expectations. Unlike currently available bank offerings, Modulr is developer-friendly and, most importantly, not affected by the all-too-frequent out-of-hours outages of legacy systems that are simply not designed to be ‘always-on’.”

Modulr provides a complete alternative for corporate payments, replacing decades-old manual processes and integrations with a simple API. Businesses can create and manage an unlimited number of payments accounts – instantly – and automate fund flows. Modulr’s clients can be up and running on the service within days, making it easy to build payments into the heart of their business with unprecedented control and simplicity.

“Around-the-clock access to a rock-solid real-time payments infrastructure is key to building anything, from an alternative banking proposition to a lending company to an efficient Accounts Receivable/Accounts Payable or payroll process,” Mr. Stephenson said. “We see this as the next step in the ‘consumerisation’ of financial services, where user experience – so often neglected in corporate services – takes centre stage.”

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