UK and Ireland-based FinTech Modulr has today announced it has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited (638002), (hereafter referred to as Modulr Europe).
Modulr Europe was granted an EMI licence by the Central Bank of Ireland and plans to provide services to customers across the European Union.
Following strong business growth in the UK over the past four years, the newly granted EMI licence will enable the FinTech to offer an extensive suite of payments products, including its award-winning payments platform, through its powerful API to EU markets.
The team at Modulr also brings its significant expertise of real-time payments to SEPA Instant, the euro’s instant payments scheme. Modulr will draw on its experience of Faster Payments to unlock the potential of the new scheme by providing efficient access for European software companies, merchants, specialist banks and more.
Myles Stephenson, Chief Executive, Modulr comments: “We are delighted to have been granted an EMI licence by the Central Bank of Ireland. The opportunity for a digital alternative to commercial and wholesale transaction banking is significant as software businesses across multiple industry sectors are identifying the need to deliver new functionality and efficiencies to their customers by embedding payments in customer journeys. We plan to build a truly digital, frictionless payments infrastructure for software platform partners to provide new payment experiences to more than 500m people.
“We believe that our depth of experience in digital payments and API integration makes us the perfect partner for European businesses seeking to transform the way they make, receive and manage payments. Traditional banks face clear challenges in making embedded payments a reality via developer-friendly and seamless APIs.”
John Irwin, General Manager, Modulr Europe comments: “The granting of the licence is a significant milestone for Modulr’s European operations in Dublin and ambitions for the European market. Our digital platform and experience can transform the payments business. For too long, European payments have relied on the same technologies.
“We look forward to automating payment flows, embedding payments within customers platforms and enabling them to focus on their core business. This will shore up the hidden inefficiencies prevalent in many payment processes today making payments a competitive advantage.”
Modulr has moved over £40bn for customers including Sage, Revolut and Paxport through its platform which has an uptime of 99.999%.
Modulr provides this scale, reliability, and premium service by investing in its own financial access and achieving principal and direct access to critical payments infrastructure where possible.
- Consultation launched on the future governance of Open Banking
- Atom bank and Credit Kudos partner to help small businesses bounce back
- Moneybox app announces Open Banking merger with Santander
- Open Banking Europe and the European Third Party Providers Association agree partnership
- The Global Open Banking Report 2020