Modulr

Modulr, a payments automation platform for financial operations

Modulr presents itself as a payments automation platform that centralises the inflow and outflow of money for businesses. Its proposition is built on regulated infrastructure and integration with financial management tools to reduce manual tasks and errors in processes such as payroll, supplier payments and recurring collections.

The company states it has more than a decade of experience as a regulated payments provider and says that more than 6,000 businesses rely on it for their financial operations. Among the metrics it publishes are an annualised transaction volume of more than 200 million, an annualised payment value of more than £180 billion and more than 11 million active accounts.

Products for automating payment management

Modulr's catalogue is organised into several products aimed at different financial functions:

• Payroll payments: automation so that employees are paid correctly and on time.
• Accounts payable: a solution for managing supplier payments, with automation of the procure-to-pay process.
• Spend management: company cards and automatic receipt capture to control corporate spending.
• Collections: setting up recurring payments so that customers and partners can pay easily.

The platform also includes accounts in different currencies, issuance of virtual and physical cards, instant, scheduled and recurring pay-outs, as well as a suite of collection and pay-in tools.

Solutions by industry and type of business

Modulr tailors its offering to specific industries. For the travel sector it offers supplier payments with virtual cards and automation aimed at reducing costs and improving cash flow. For lending and wage advance it proposes money management that enables agile payouts, precise collections and real-time financial data. It also covers merchant payments, with instant funding for merchants, and offers infrastructure for investment and wealth management.

The platform is aimed at both businesses and accountants as well as corporate organisations and large enterprises. For businesses it proposes automating their payments; for accountants, managing their clients' payments reliably in one place; and for the corporate segment, running mission-critical financial operations at scale.

Integrations and technical environment

Modulr connects with the tools businesses commonly use to automate their financial operations. It has a network of integrations and developer documentation, with access to API, documentation and a sandbox environment. The company specifically mentions its integration with Xero, which allows transactions to be managed with details and invoices automatically incorporated, as well as a feature that extracts data from photographs and suggests the appropriate transaction information.

Reliability and operational control

The company maintains that its infrastructure is designed for mission-critical financial operations and enterprise volumes without adding operational strain. Among the capabilities it highlights are automated rules and guardrails that adapt to the way each organisation works, with applications ranging from fraud prevention and internal policy checks to audit trails and data quality. The stated aim is to improve accuracy and control over how money moves within a business.

Regulated structure and international presence

Modulr Finance Limited is a company registered in England with company number 09897957 and ICO registration ZA183068, registered with the Financial Conduct Authority (FCA) as an EMD Agent of Modulr FS Limited. Modulr FS Limited is registered in England with company number 09897919 and ICO registration ZA183098, and is authorised and regulated by the FCA as an Electronic Money Institution. Modulr Finance B.V. is authorised and regulated by De Nederlandsche Bank as an Electronic Money Institution. The company maintains a service status page and specific customer support and fraud support channels.

Customer experiences cited

The website includes testimonials from users who highlight the speed and simplicity of the solution, the availability of the necessary licences and regulations through a single API, the reduction of internal processes and the improvement in transfer speed. Savings on payment fees of up to 50% compared with traditional banking are also mentioned, along with the elimination of several days of administrative work per month in payroll management.