UK-based Fintech firm Modulr reveals that they’ve managed to secure their Visa Ready certification, which supports customers in selecting the “best of breed payment solutions” that meet Visa’s international standards.
As noted in an update from Modulr, the extended collaboration with Visa will help with building on their principal issuing membership. Modulr added that they are helping companies with automating payment flows, embed payments within their proposition and introduce completely new features and services.
The Modulr team further notes that as lockdown restrictions begin to ease, it is important that SMEs recover quickly and start benefitting from the fast-evolving digital economy. Research shared by Modulr reveals that SMEs are facing pressure when it comes to “curbing the rising cost of payment services on the one hand and meeting rising customer expectation of payment experiences on the other.”
As stated in a release from Modulr, achieving Visa Ready status “certifies the Modulr infrastructure means we can give customers peace of mind they’re using the highest technological standard of Visa payment solutions.”
Jill Docherty, Head of Business Development, UK&I at Visa, stated:
“We’re delighted to be part of Modulr’s continued growth and proud they have achieved Visa Ready certification. Small businesses continue to be some of the hardest hit by the pandemic and together with Modulr, we’re committed to supporting them as they build for recovery. Through this extended partnership more businesses will be able to access the crucial tools and resources they need to benefit from the digital economy.”
Myles Stephenson, Chief Executive at Modulr remarked:
“Securing Visa Ready certification is a critical step in achieving our goal of striving for greater innovation and payment improvements across the industry for every size of business. Working with Visa, our mission is to further expand our platform in the coming months so every UK and EU business can easily and efficiently benefit from the power of embedded payments.”
In another update, Modulr notes that Bottlepay is on a mission to fundamentally reshape or transform the way businesses and consumers transact across the globe. Bottlepay aims to redefine the payments landscape via seamless social integrations and “lightning-fast” transactions. Built on the Bitcoin network, the Bottlepay platform “aims to give everyone access to an open payment system which allows users to send, spend and receive money anywhere in the world, in real-time, in both conventional and digital currency.”
As mentioned in a blog post by Modulr, Bottlepay’s vision for the future “is precisely the sort of innovation that Open Banking is designed to facilitate.” Modulr also noted that “a directive which came into force in 2018, Open Banking powers new ways for users to access a wide range of financial services and offerings from fintech innovators.”
Modulr further revealed:
“In making its vision a reality, Bottlepay needed an Open Banking-enabled payments provider that was not only switched on, but also switched in – one that could bridge the paywalls and connect it to the Open Banking ecosystem and fiat payment rails, while simultaneously providing a platform that would support its innovation both now, and in the future.”
“If Open Banking has given Bottlepay the framework for collaboration, then Modulr is delivering the pure payments power; eradicating the barriers to effective instant payments by providing not only access to Open Banking innovations like payment initiation, but also the underlying account infrastructure that enables their full potential to be realized.”
(Note: to learn more about this update, check here.)