Modulr takes a step toward ending 'business hours payments'
Modulr Finance, a U.K. payments application interface provider, is providing a service level agreement for business-to-business payments that guarantees automation for high volumes of complex payments at any time.
Modulr also guarantees transaction times of less than 90 seconds, as it has worked to remove legacy technology to better integrate its partner bank with the U.K.'s Faster Payments scheme. Modulr did not disclose its current bank partner.
As a B-to-B payments platform operated through APIs and a web-based dashboard, Modulr has been moving forward with development, in part to fully take advantage of the new Payment Services Directive in the U.K. In part, PSD2 supports third-party innovation and involvement in the banking and financial services industries.
The company says the SLA vendor contract tied to the payments service is the first of its kind as it relates to guaranteeing the service is "always on," including weekends.
SLAs are common between technology companies and customers, as they clearly define what is being delivered, what it is expected to do, and establishes an understanding between the parties that comes into play if technology does not perform properly.
“We want to end the idea of business hours payments once and for all; they have no place in today’s digital business world," said Myles Stephenson, CEO of Modulr, in a Wednesday press release.
Businesses can create and manage an unlimited number of payments accounts and automate fund flows. Modulr says its clients can be up and running on the service within days.
“Around-the-clock access to a rock-solid, real-time payments infrastructure is key to building anything, from an alternative banking proposition to a lending company to an efficient accounts receivable/accounts payable or payroll process," Stephenson said. "We see this as the next step in the ‘consumerization’ of financial services, where user experience – so often neglected in corporate services – takes center stage.”
Ideally for Modulr, it operates as a gateway to payments rails and a layer of financial services for B-to-B transactions, even if the customer sticks with a traditional bank relationship for other services.