Modulr – the Payments as a Service API Platform for digital businesses – has recently announced it has become one of a few non-bank Payment Service Provider participants of Bacs, the Pay.UK-operated payment system and one of the most important and popular payment methods in the UK. The move sees Modulr take full control of its Bacs payment flows, removing any reliance on third-party banking partners, and will allow Modulr to provide their clients with a direct solution and deliver an easier, simpler and more reliable service.
The Modulr team believe that their direct participation to Bacs sparks the third evolution of fintech, where a FinTech is fully embedded in the UK’s payments infrastructure. Myles Stephenson, Modulr CEO, said, “We’ve moved from licenses, to third-party systems and card rails, to the third stage of fintech evolution; direct access to payments systems and infrastructure. This means we’re further embedded in the payments landscape. This sets the bar for the competition, offering the most reliable way to ensure a friction free customer experience. By removing our reliance on third-party systems, and tapping directly into the source, we can build for scale and have total control over our access to the wider infrastructure.”
You can read more about Modulr’s new announcement here.
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