See how this fintech business benefitted from Modulr’s simple and clear payment processes.
As a market-leading innovator, SalaryFinance was looking to scale a new operating model consistent with its desire to deliver a fairer, better solution to customers. It needed a payments provider to support its operational build and go to market implementation, but was faced with the prospect of working with incumbent providers and their cumbersome, legacy banking systems. These systems added complexity and risked slowing progress, making it harder to provide the low-friction experience that both the SalaryFinance team and their clients expected.
Modulr’s APIs enable SalaryFinance to quickly and easily create individual accounts for clients, maintain better visibility of cash flows while delivering automated real-time reconciliation and seamless onward payments. This removes the need for time-consuming manual interventions and overcoming the inherent challenge of identifying, tracking and processing payments.
Create accounts instantly
Salary Finance can set up individual accounts for each client allowing clear segregation of funds and easier reconciliation.
Automate Faster Payments
The Modulr platform gives Salary Finance easy access to Faster Payments and the API allows them to trigger automatic payments out. This makes client on-boarding and payment processes scalable.
Efficient commission collection
Salary Finance can automatically deduct their interest repayments, reducing the need for manual account intervention.
Quick and simple reconciliation
With unique accounts for each client and notification of fund movements, reconciliations become faster and easier.
Reduce technology support costs
By replacing batch payment files with Modulr’s API, there is much less likelihood of errors.
Individual FCA regulated E-Money Accounts are held securely by Modulr, and can be controlled by Salary Finance through Modulr’s API.
Clients can access Modulr services through multiple methods
Integrate Modulr services directly into your platform
Log in to manage customers, accounts and payments
Submit payment instructions
Instantly create and manage multiple accounts
Register clients for services and manage their accounts
Configure payment processing rules to automate payment flows
Initiate payments instantly
Know exactly when changes happen to your accounts
Seamless access to payment schemes
How Modulr works for Salary Finance
Modulr is a highly flexible and configurable platform to suite different business’ needs. The diagram shows how Salary Finance have combined the modules we offer to enable a solution that’s right for them.
“Quite simply, Modulr offered a great solution for our business needs. Where we were faced with complexity, which would have slowed development, Modulr has brought us simplicity, clarity, speed to market and great service – their team clearly knows the technology inside out and they are quick to respond with effective solutions and advice. They give us comfort and trust in their service.”
Tim Philip - Chief Operating Officer , SalaryFinance
Modulr is backed by Blenheim Chalcot, the UK’s leading venture builder. Founded in 1998, Blenheim Chalcot specialises in building digital businesses that transform industries. It’s portfolio of companies has sales of over £300m, more than 3,000 employees, and a successful track record of building over 40 companies across IT services and outsourcing, education, financial services, software, sport and media.
Modulr Finance Limited, a company registered in England with company number 09897957 and ICO Registration: ZA183068, is registered with the Financial Conduct Authority as an EMD Agent of Modulr FS Limited. Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). You can check the Financial Services Register here.