Business payments platform Modulr has announced that it has joined Innovate Finance, the membership association for the global fintech sector, which is supported by the City of London and Broadgate.
Modulr joins the independent association’s 250+ members, ranging from the world’s leading global corporations to the most promising fintech start-ups, all working to advance the UK’s leading position in the financial services sector. In 2017 alone, the financial services sector contributed £119 billion to the UK economy, or 6.5% of total economic output.
Innovate Finance operates as a not-for-profit, aiming to support the next generation of technology-led financial services innovators in the UK. It aims to champion the UK as the principal global hub for fintech and help attract greater inward investment. It also works with policy makers, regulators, investors, customers and educators to help advocate a democratic and inclusive financial services industry, while supporting the development of proportionate and effective regulation.
Modulr’s aim is to replace outdated manual processes and integrations with a simple REST API. The platform enables businesses to take payments, reconcile and pay out automatically. Businesses can create and access unlimited instant payments accounts, automate fund flows and monitor them in real time, all via the API or online portal.
“There has never been a more exciting time for creators and consumers of financial services,” Myles Stephenson, CEO, Modulr, told PaymentEye.
“In addition to the traditional high-street banks, there is now an array of new service providers —e-money and payment institutions — that provide innovative, more user friendly and cost-effective bank alternatives for businesses in areas such as payments, digital accounts, currencies and collections.
“Organisations like Innovate Finance play an important role in helping raise awareness of these new payment service providers and how they are increasing competition and driving innovation.”
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