Modulr, a U.K. company that operates an API-driven payments platform for corporate payments, announced news on Wednesday (Nov. 15) that it has integrated with the nation’s Faster Payments system to accelerate B2B payments.
The company said it has deployed a payments SLA and integrated with Faster Payments to automate B2B transactions for companies. Transactions can now be completed in 90 seconds or less. Corporates can sign up for and open payments accounts that integrate into their back-office systems to automate outbound payments. The instant payment capability was developed in partnership with a “major high street bank,” said Modulr, though it did not reveal which one.
The capability means businesses can also send and receive payments in 90 seconds or less regardless of the day of the week or time of day.
“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 Modulr CEO Myles Stephenson in a statement. “Businesses need automated, real-time, ultra-reliable payment flows 24/7 in order to meet rising customer expectations. Unlike currently available bank offerings, Modulr is developer-friendly and, most importantly, not affected by the all too frequent out-of-hours outages of legacy systems that are simply not designed to be ‘always-on.’”
“Around-the-clock access to a … 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,” he added. “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.”
The solution rolled out the same week the U.S. launched its Real-Time Payments system, established by The Clearing House, which aims to keep pace with other instant payments schemes, like that of the U.K., and to facilitate real-time B2B and consumer payments.