The new feature means that Revolut’s UK customers can access their salaries and all payments made over the Bacs payment scheme a working day earlier than usual. In the case where they would be paid on Monday, people would be able to access their salaries the Friday before. Revolut’s newest feature gives its customers more control over their finances during tough economic conditions.
The new functionality is aided by Revolut’s long-term payments partner Modulr, a Fintech that has direct access to the Bank of England, including Bacs and Faster Payments. Revolut has used Modulr’s API platform since 2017.
Nik Storonsky, CEO and founder at Revolut says that early access to salaries could be a genuine lifeline for many during these tough economic times.
Our aim is always to provide Revolut customers with services they need and the best possible experience,” said Storonsky. “With Modulr we’ve been able to deliver better services and experiences to millions of UK customers. We’re looking forward to future innovation and to launching many more exciting products for Revolut customers. Now more than ever, our customers across the globe need easily accessible tools to manage their finances proactively and successfully.”
Modulr, based in London, Edinburgh, and Dublin, also powers the underlying payments services for customers including HyperJar, Sage, and Iwoca. Modulr Finance Limited is registered with the UK Financial Conduct Authority as an EMD Agent of Modulr FS Limited. Additionally, Modulr FS Limited is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited is authorized by the Central Bank of Ireland as an Electronic Money Institution.