Modulr Partners with Ripple, Trust Payments First to Benefit

Modulr, a UK payment service announced a strategic partnership with Ripple. Trust Payments is the first customer to benefit from the partnership.

Modulr earned the Electronic Money Institution (EMI) license, which allowed it to expand its services across Europe. The license was granted by De Nederlandsche Bank. Due to the license, Modulr can offer Single Payments Europe Area (SEPA) payments and e-money accounts for clients.

Aside from standard payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, Modulr plans to offer banking capabilities to its clients across Europe. This includes physical and virtual card issuance. The first launch is expected to take place in Germany, Spain and France.

Modulr's Direct Connection to the BOE

Modulr has access to Faster Payments and Bacs CHAPS and Swift. Modulr is among the several non-banks with a direct connection to the Bank of England (BOE). The payments service is, therefore, able to settle funds in the BOE.

Jonathan O’Connor, the Chief Commercial Officer of Trust Payments, said: “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”

Myles Stephenson, the CEO and Founder of Modulr stated on the partnership: “We’re excited to partner with Ripple. We share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.”

Moreover, Modulr is regulated by the UK Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) and may there issue GBP accounts. Furthermore, the firm is regulated as an Electronic Money Institution by the Central Bank of Ireland (Modulr FS Europe Limited).

Sendi Young, the Managing Director of RippleNet in Europe, stated: “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled connections to critical payment infrastructure in the UK. Together we look forward to providing faster, simpler cross-border payments experience for customers on RippleNet into the UK and Europe.”