Modulr partners with Ripple for real-time payments into the UK and Europe
Payments platform Modulr has formed a strategic partnership with Ripple, a real-time settlement system providing blockchain solutions, to facilitate seamless payments into the UK and Europe.
Through the partnership, businesses will be able to run real-time payments internationally, powered by Ripple’s financial technology, RippleNet.
RippleNet uses blockchain technology to help partners across a global network boost their business performance and to scale, by providing lines of credit and liquidity management solutions, among other features.
Modulr is a direct participant of the Faster Payments and Bacs schemes in the UK, meaning it is one of only a few non-banks that can hold and settle funds at the Bank of England.
In the EU, Modulr is authorised and regulated as an Electronic Money Institution by the Central Bank of Ireland and Modulr Finance BV is authorised and regulated by De Nederlandsche Bank in the Netherlands and the EU.
Sendi Young, managing director of RippleNet in Europe, said: “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivalled connections to critical payment infrastructure in the UK.
“Together we look forward to providing faster, simpler cross-border payments experience for customers on RippleNet into the UK and Europe.”
Modulr founder and CEO Myles Stephenson said that the partnership “lays the groundwork for even bigger things”.
“At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months,” he added.
Global payments group Trust Payments has become the first customer to go live through the partnership, enabling it to expand its services and deliver new payment options.
Jonathan O’Connor, chief commercial officer at Trust Payments, said: “We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increasing the speed of funding to their accounts.”