Modulr, a London-based business payments platform, has joined Visa as a principal issuing member which grants the company direct access to Visa’s global payments network. This will add extra functionality and benefits to Modulr’s offerings including optimised pricing, improved speed to market and simpler ways to launch Visa products to its clients.
The company plans to further expand into the European market with a view to launching both consumer and business card capabilities for partners as well as issuing currencies.
“Gaining direct access to key financial infrastructure, such as the Visa network, means that we gain more control and are able to deliver faster, simpler and increasingly friction-free full payment capability to our clients. By opening up access to non-banks such as ourselves, it also helps to provide a more level playing field for competition in the sector,” said CEO of Modulr Myles Stephenson.
Back in 2019, Modulr was among few non-banks to gain direct access to Bacs and Faster Payments. Through direct access to Faster Payments, the company holds an account in Bank of England’s Real-Time Gross Settlement system and through Bacs, it takes full control of its Bacs payments flow and removes reliance on third-party banking partners.