In order to provide the complete set of features that many of their customers know and love, Plutus works with various third parties including a banking partner.
Their banking partner “provides and manages your Plutus current account.”
Plutus is “moving from one of its current banking partners, Clear Junction, to a new and improved banking partner, Modulr.”
Plutus is making this change “so that customers can enjoy a more reliable and abundant range of bank-like features.” This means “providing all existing customers with new current account details (i.e. a new UK Sort Code & Account Number or European IBAN).”
New accounts will be “rolled out to users in batches to ensure a smooth transition.”
Customers will be “notified individually via email, push notifications, and in-app messages regarding their new account details over the coming weeks.”
As clarified in the update, clients “do not need to do anything.” Plutus will “do everything for you behind the scenes.”
Your existing account details will “become void upon receiving your new account details.” This means any future deposits to your previous current account “will bounce and the funds will be kicked back to your originating bank account.”
If your previous Plutus account details are “saved in another banking app (e.g., for depositing money to Plutus), remember to replace these with your new account details upon receiving them.”
Customers will receive access to the following features instantly:
- Receive payments from third-party accounts (e.g. salary, friends)
- Send payments to third-party accounts (e.g. transfers to friends and family)
Additional new features will be added incrementally this year.
- Standing orders
- Direct debits
- Recurring payment via open banking
- Business accounts
- Metal cards
- Virtual cards
- Apple Pay
- Google Pay
As covered, Modulr claims it is “one of the best-in-class Payments as a Service API platforms.”
Founded in 2015, Modulr has “processed over £200bn worth of payments and their technology powers many of the leading financial services.”
As of 6th February 2023, all new sign-ups “have been automatically enrolled onto the new Modulr-powered accounts.”
On the other hand, existing customers will be “migrated across in batches over the coming weeks.”
New accounts will be “rolled out over the course of several weeks in batches. Which batch you are included in is determined by various factors (card activity, region, etc.) to ensure a smooth transition.”