Modulr gains Dutch payments license
Modulr, a London-based business payments platform, has been granted an Electronic Money Institution licence by Dutch regulator De Nederlandsche Bank (DNB).
The company in its press note noted that in 2021 it has doubled its payments value as well as volume and with this payments license being granted it will offer ‘full spectrum of payment services across the European Economic Area (EEA)’ which will bring fast, reliable and embeddable payments solutions to European businesses.
This will let European businesses overcome inefficiencies and friction in the existing payments infrastructure and payments processes as well as build payment products. The company will be building on its existing capabilities which are being currently offered in EEA and will bring further localized payments solutions and methods.
“The FinTech will offer localized services through further geographic expansion into target markets focusing on verticals where it already had considerable success: accountancy and payroll, travel and financial services”, the press note stated.
As per the company, the businesses in Europe are still forced to accept inadequate and fragmented payment processes and Modulr, will specialise in fast and configurable payment methods.
The platform will also include open banking capabilities (Payment Initiation and Account Information Services), physical and virtual card issuance, Direct Debit processing and wallets.
“With our Dutch licence we can give European businesses a real competitive advantage with smooth payment flows at either end of the rail and a proven real-time payments engine that can significantly scale”, said Marca Wosoba, General Manager of Modulr Netherlands.
Back in 2019, Modulr was among the few non-banks to gain direct access to Bacs and Faster Payments in the UK. 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.
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