Modulr, the Payments as a Service API Platform for digital businesses, announced last week that they have joined Visa as a principal issuing member, granting them direct access to the industry-leading global payments network. Optimised pricing, improved speed to market and simpler ways to launch Visa products are some of the extra functionality and benefits that will be added to Modulr’s offering as a result of the new partnership.
Myles Stephenson, CEO of Modulr, said, “Gaining direct access to key financial infrastructure, such as the Visa network, means that we gain more control and are able to deliver faster, simpler and increasingly friction-free full payment capability to our clients. By opening up access to non-banks such as ourselves, it also helps to provide a more level playing field for competition in the sector.
“We look forward to extending the functionality of Modulr’s core platform with a leading card scheme, enabling us not only to build a more reliable service, but to pioneer payments innovations even faster.”
Modulr will use the partnership to further expand they customer base in Europe, with a view to launching both consumer and business card capabilities for partners in the future, as well as additional issuing currencies. The partnership will also be used by Visa and Modulr to drive adoption within their key market verticals, including travel and alternative banking.
Jill Docherty, Head of Business Development, UK & Ireland at Visa, said, “We are thrilled to announce our partnership with Modulr, an exciting payments platform that enables digital businesses to offer innovative, user friendly, payment solutions. We look forward to working with Modulr as it looks to expand its portfolio and grow across key sectors in Europe such as travel. We look forward to seeing how our partnership will enable even more businesses across the UK and Europe to benefit from Visa products, driven by powerful payment solutions built by Modulr.”
This comes after the announcement in 2019 that Modulr became one of only a few non-banks to gain direct access to Bacs and Faster Payments. They also recently won Best Initiative from an SME at the Card & Payments Awards 2020.
You can read more about Modulr’s announcement with Visa here.