Modulr, a UK payment service announced a strategic partnership with Ripple. Trust Payments is the first customer to benefit from the partnership.
Modulr earned the Electronic Money Institution (EMI) license, which allowed it to expand its services across Europe. The license was granted by De Nederlandsche Bank. Due to the license, Modular can offer Single Payments Europe Area (SEPA) payments and e-money accounts for clients.
Aside standard payments , Modulr plans are to offer banking capabilities to its clients across Europe. This includes physical and virtual card issuance. The first launch is expected to take place in Germany, Spain and France.
Modulr’s Direct Connection to the BOE
Modular has access to Faster Payments and Bacs CHAPS and Swift. Modular is among the several non-banks with a direct connection to the Bank of England (BOE). The payments service is therefore able to settle funds in the BOE.
Jonathan O’Connor, Chief Commercial Officer of Trust Payments, said, “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”
Myles Stephenson, CEO and Founder of Modulr stated on the partnership, “We’re excited to partner with Ripple – we share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. 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.”
Modular is also regulated by the UK Financial Conduct Authority (FCA ) and may there issue GBP accounts. The firm is also regulated as an Electronic Money Institution by the Central Bank of Ireland (Modulr FS Europe Limited).
Sendi Young, Managing Director of RippleNet in Europe said on the deal, “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled 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, a UK payment service announced a strategic partnership with Ripple. Trust Payments is the first customer to benefit from the partnership.
Modulr earned the Electronic Money Institution (EMI) license, which allowed it to expand its services across Europe. The license was granted by De Nederlandsche Bank. Due to the license, Modular can offer Single Payments Europe Area (SEPA) payments and e-money accounts for clients.
Aside standard payments , Modulr plans are to offer banking capabilities to its clients across Europe. This includes physical and virtual card issuance. The first launch is expected to take place in Germany, Spain and France.
Modulr’s Direct Connection to the BOE
Modular has access to Faster Payments and Bacs CHAPS and Swift. Modular is among the several non-banks with a direct connection to the Bank of England (BOE). The payments service is therefore able to settle funds in the BOE.
Jonathan O’Connor, Chief Commercial Officer of Trust Payments, said, “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”
Myles Stephenson, CEO and Founder of Modulr stated on the partnership, “We’re excited to partner with Ripple – we share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. 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.”
Modular is also regulated by the UK Financial Conduct Authority (FCA ) and may there issue GBP accounts. The firm is also regulated as an Electronic Money Institution by the Central Bank of Ireland (Modulr FS Europe Limited).
Sendi Young, Managing Director of RippleNet in Europe said on the deal, “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled 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.”
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