London-based payments Fintech Modulr has reached a key milestone by becoming a direct pa rticipant in the CHAPS high-value payment scheme, settling transactions straight through the Bank of England. This development positions the company as a non-bank payment service provider in the United Kingdom with immediate connections to the country’s three primary payment networks.
CHAPS forms a cornerstone of the UK’s financial infrastructure, handling large, time-sensitive transfers.
During 2025 the system processed 53.3 million transactions totaling £93.9 trillion, equating to an average of £371.3 billion on each working day, according to Bank of England figures.
By joining as a direct settler, Modulr gains tighter oversight of these flows and can deliver smoother, more dependable services to its clients as volumes continue to rise.
The company already held direct membership in Faster Payments and Bacs. Adding CHAPS completes the set, giving Modulr unmatched independence among non-bank providers.
Greater operational resilience and efficiency are expected to follow, allowing the platform to support businesses that rely on rapid, accurate money movement without intermediaries.
Myles Stephenson, Modulr’s founder and chief executive, described the achievement as a relatively important development.
He said:
“Becoming a direct participant in CHAPS is a landmark moment for Modulr; we are now the only non-bank payment service provider in the UK connected directly to all three major UK payment schemes, which uniquely positions us in the market to provide a resilient payments automation platform that scales with our customers.”
Modulr operates as a payments automation platform designed for growth. It streamlines inbound and outbound transfers, covering payroll, supplier settlements, expense management and collections.
The service removes manual processes, cuts costs and reduces errors.
The firm processes more than 200 million transactions and over £180 billion in value on an annualised basis.
It serves more than 6,000 organizations, ranging from expanding small and medium-sized enterprises to large international companies, and maintains a partnership with global fintech company FIS.
As a founding shareholder of the UK Payments Initiative, Modulr also offers commercial Variable Recurring Payments.
The business holds electronic money institution authorisation from the Financial Conduct Authority (FCA) in the UK and from De Nederlandsche Bank in Europe, reflecting more than a decade of regulated experience in the sector.
The move arrives at a time when demand for reliable, high-volume payment infrastructure continues to expand.
Direct settlement at the central bank removes reliance on third-party banks for CHAPS transactions, strengthening control and reducing potential points of delay or failure.
Clients stand to benefit from faster execution of high-value payments alongside the existing strengths in real-time and bulk transfer schemes.Industry observers note that direct scheme access has traditionally been the preserve of banks.
Modulr’s achievement demonstrates how specialised payment platforms can now operate with comparable connectivity while focusing on automation and scalability.
The company emphasises accuracy, control and reliability as core strengths, aiming to support mission-critical finance operations for organisations of all sizes.
With this full suite of direct connections now in place, Modulr is better equipped to meet the evolving needs of businesses that require seamless, high-volume payment capabilities. The announcement underscores ongoing innovation within the UK’s payments landscape and highlights the growing role of non-bank providers in delivering efficient, resilient financial infrastructure.