Modulr, the embedded payments platform, has today announced it has launched its real-time Euro payments service, based on the real-time pan European SEPA Instant scheme, which operates 24/7, settles funds in 10 seconds and presents European businesses with significant competitive opportunities.
The new service enables customers to build and launch embedded real-time Euro payment propositions via the Modulr API, allowing them to send and receive payments immediately, under their own or Modulr’s regulated status. Businesses in Europe will be able deliver more efficient and competitive payment proposals by embedding real time payments directly into their software.
Businesses have historically had to manage next-day funding settlements (depending on cut off time), which required both technological compromise and manual intervention. As technology has raised the bar for customer expectation, these hidden payment inefficiencies within backend processes surface up to create outdated, clunky and slow payment experiences – all to the frustration of the customer.
SEPA Instant’s real-time capability is expected to reshape many traditional payment processes within accounting and payroll, business payments and retail financial services. SEPA Instant is expected to increase the ability of emerging sectors such as lending, crypto, and eCommerce that benefit from immediate payment. However, the true potential of SEPA Instant lies in how businesses can seamlessly embed it into existing software via the Modulr API. This creates a payments process which is seamlessly joined up with the business’ wider tech stack and capable of adding value.
Marca Wosoba, Managing Director for Europe at Modulr, comments: “We’re increasingly living in an instant economy and historically financial services have lagged behind, holding up European business innovation. SEPA Instant is changing all that. Now, payments not only keep up with a business’ tech stack but become a competitive advantage in their own right.
“Modulr exists to enable growth and innovation by making payments flow more efficiently through businesses and the economy. Imagine a world in which banking customers have instant access to their bank accounts and lenders are able to send emergency funds immediately to borrowers. We envision a world where payments can be made 24/7 without any cut-off times. All of this can be accessed via API, so that businesses have the option to integrate into their software or create new services and models. This is the world that Modulr wants to build for European businesses and we’re excited to bring our embedded real-time Euro payments service to market.”
While Modulr expects its payment volumes via SEPA Instant to increase significantly compared to the existing SEPA Credit Transfer scheme, the embedded payments platform also expects customers to use SEPA Instant in conjunction with other services. The typical European payments package would include SEPA Instant for inbound and outbound payments, digital EUR account issuing for fund routing and holding, with physical and virtual card issuing enhancing the setup, all from one integration with the Modulr API. Modulr also supports access to GBP payments and accounts, including direct access to Faster Payments and Bacs.