London-based FinTech Revolut is introducing a new feature in the U.K. that will give its more than 3 million customers access to direct deposits a day early.
“Early access to salaries could be a genuine lifeline for many during these tough economic times,” Nik Storonsky, founder and chief executive officer of Revolut, said in a statement on Wednesday (Dec. 2).
This latest benefit will be powered by the payments platform Modulr — Revolut’s payment partner that has direct access to the Bank of England.
The collaboration between Revolut and Modulr is intended to bring enhanced services to millions of U.K. customers. Salaries and payments made over the Bacs payment network will be available to customers a day earlier. Monday paydays can be accessed the Friday before.
“With Modulr we’ve been able to deliver better services and experiences to millions of U.K. customers,” Storonsky added. “Now more than ever, our customers across the globe need easily accessible tools to manage their finances proactively and successfully.”
The Salary Advance feature is Revolut’s newest tool for its “financial superapp” that offers services to individuals that are not available at legacy financial institutions.
“Revolut continues to go from strength to strength, as it asserts itself as the go-to challenger for consumers eager to have greater ease, access and control of their money,” said Myles Stephenson, founder and chief executive officer of Modulr.
He added that Modulr’s APIs, with direct access to the Bank of England, provide Revolut with payments solutions that can assist customers in the “new normal” amid a global pandemic, where it’s essential that payments are “instant, flexible and reliable.”
Modulr is among Europe’s biggest FinTechs, with over 13 million customers worldwide. It is one of only a short list of non-banks with direct access to the Bank of England, including Bacs and Faster Payments. Revolut joined Modulr’s API platform three years ago.
Revolut recently collaborated with TrueLayer to expand into Germany. Earlier in 2020, Revolut launched in Ireland, France and Italy.
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