Modulr, a Fintech providing Payments as a Service API, has partnered with regional bank Hodge to power a real-time digital banking experience to its customers. This is the first time Modulr has partnered with a traditional bank in this method.
Modulr’services enable businesses to automate payment flows, embed payments into their platforms, and build entirely new payment products and services themselves.
Hodge customers may now gain access to the ability to see their balance and payments in real-time for increased control. Hodge’s customers will also benefit from Modulr’s Confirmation of Payee service, ensuring when the customer sends funds to their Hodge account number, the sending bank recognises the account as their own.
Modulr is a directly connected participant of Faster Payments, allowing the Fintech to settle directly with the Bank of England, and was the first non-bank or building society to roll out Confirmation of Payee services.
Katie Johnson, Managing Director of Savings at Hodge, stated:
“We’re committed to putting our customers first and focusing on what matters to them. What they’ve told us is they want greater control and transparency when it comes to their finances, in a fast and convenient way. Our partnership with Modulr is about providing exactly that.”
Myles Stephenson, CEO and Founder of Modulr said the partnership shows how financial services have changed in recent years, as Fintechs and banks can work together:
“Not only does Modulr provide the fast, reassured, and convenient payments infrastructure customers demand, we also provide security and trust for Hodge’s customers. We hope to provide support to those who are less familiar with online banking and using digital tools like Confirmation of Payee to provide an important level of protection and visibility … It’s a hugely exciting partnership for both of us.”