Modulr Unveils SEPA Instant Service for Real-Time European Business Payments

Embedded payments platform Modulr on Tuesday (June 7) launched a real-time Euro payments service based on the pan-European SEPA Instant platform, which is available 24/7 and settles funds in 10 seconds, according to a company press release.

The new service will allow customers to roll out embedded real-time Euro payment propositions through the Modulr application programming interface (API), allowing them to send and receive payments immediately under either their own or Modulr’s regulated status.

SEPA Instant’s real-time capability is expected to “supercharge the capability of emerging sectors that will benefit from payment immediacy like crypto, eCommerce and lending,” according to the release. Businesses can embed SEPA Instant into existing software via the Modulr API.

“We’re increasingly living in an instant economy and historically financial services have lagged behind, holding up European business innovation,” said Marca Wosoba, managing director for Europe at Modulr. “But that all changes thanks to SEPA Instant. Now, payments not only keep up with a business’ tech stack but become a competitive advantage in their own right.

“Modulr exists to enable growth and innovation by making payments flow more efficiently through businesses and the economy. We imagine a world where banking customers can instantly see their accounts topped up, or lenders can immediately send emergency funds to borrowers.”

In May, Modulr raised $108 million in a Series C round led by equity firm General Atlantic.

See also: Modulr Raises $108M for Embedded Payments Expansion

The London-based company said it plans to use the funds to expand its geographic footprint and extend its client and partner coverage with the goal of becoming, as founder and CEO Myles Stephenson said in the announcement, a “pan-European payments champion.”

Modulr’s technology lets businesses build payments into their platforms without needing to build and manage their own payment systems. The company said its Payments-as-a-Service offering lets clients access crucial payment infrastructures, such as Faster Payments and Bacs CHAPS, SWIFT and SEPA.

Modulr is also directly connected to the Bank of England. Its clients include more than 200 companies, including Revolut, Wagestream, Sage and BrightPay, and their millions of customers.