Modulr, a London-based business payments platform has announced the launch of its real-time Euro payments service, based on the real-time pan European SEPA Instant scheme. The payments under this system work 24/7 and settle funds in 10 seconds and it affirms that it presents European businesses with “competitive opportunities”.

Under these services, the clients will be able to build and launch the real-time Euro payments propositions via the Modulr API, allowing them to send and receive payments immediately, under their own or Modulr’s regulated status.

This can also be embedded into the clients’ software which lets businesses in the European markets be able to deliver and receive payments much quicker than previously available systems.

In SEPA news, Citi launched SEPA instant payments in Europe earlier this year.

“Businesses have had to contend with the next-day settlement of funds which necessitated technological compromise and manual intervention”, the announcement noted.

SEPA payment capabilities can be processed within accounting and payroll, business payments and retail financial services and it was also noted that this can be used in the emerging sectors such as crypto, eCommerce and lending.

It was further noted by the company that it expects ‘its payment volumes via SEPA Instant to increase significantly compared to the existing SEPA Credit Transfer scheme’, its SEPA Instant would be used alongside other services. The company would also support access to GBP payments and accounts, including direct access to Faster Payments and Bacs.

Source: https://www.modulrfinance.com/blog/modulr-launches-its-sepa-instant-service-to-supercharge-real-time-european-business-payments