UK Fintech Modulr Raises Faster Payments Limit to £1M for Customers, As Default

The team at UK Fintech Modulr notes that they are pleased to let their clients know that their Faster Payments transaction limit has “increased from £250,000 to £1 million for inbound and outbound payments, in line with the retail payments authority, Pay.UK, which went into effect on 8 Feb 2022.”

Modulr confirmed in a blog post dated March 2, 2022 that this increase in transaction limit “reflects demand from corporate customers and helps to broaden the appeal of the Faster Payments Scheme.”

The firm added:

“We already enable our clients to facilitate Faster Payments in seconds, and to a Service Level Agreement of 90 seconds. Businesses can receive and make payments almost instantly, rather than having to wait for old-school batch-based Bacs or CHAPS payments. This increase means that our clients and their customers can now move more money, faster.”

They further noted that they also offer their customers a “reliable service to Faster Payments, with an API uptime of 99%+ for the entirety of last year.”

As one of few directly connected participants of Faster Payments (along with Bacs) Modulr explained that it is able “to offer the same independent and reliable access to the scheme as directly connected incumbents.”

Altay Ural, Chief Product and Technology Officer at Modulr, remarked:

“The fact that we can now enable Faster Payments of up to £1 million as default helps us to better support our clients as they continue to innovate and provide new offerings to their customers. Thanks to this increase, our clients are well-positioned to meet their users’ needs and it reaffirms the Faster Payments scheme’s status as a first-class asset to the UK economy,”

As covered recently, Modulr pointed out that when the COVID-19 crisis struck, working practices changed for many individuals and businesses across the globe. Offices had been closed and corporate travel was at a standstill, as virtual networks began replacing physical networking.

Fast forward two years and while lockdowns are easing and conferences and other industry events have started their somewhat tentative comeback, COVID has marked a major step change, according to an update from UK Fintech Modulr. In the wake of the Coronavirus outbreak, hybrid and smart working practices have gained a lot of momentum. What began as a need is fast becoming a preference as firms and individuals consider the necessity of their business travel.

Although workers have started realizing that they can maintain fairly high levels of effectiveness while working from home, employers have “spied an opportunity to permanently slash the corporate-travel budget,” the team at Modulr noted in a blog post.

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