A real-time inbound and outbound payments service level agreement (SLA) has been launched by Modulr, which the company claims is an ‘industry first’.
It allows businesses to automate high volumes of complex payments in real time through an API-driven platform.
Working alongside a major high street bank, Modulr has removed layers of legacy technology to tightly integrate with the Faster Payments scheme, bringing transaction times down to less than 90 seconds.
Myles Stephenson, CEO of Modulr, says: “We want to end the idea of business hours payments once and for all; they have no place in today’s digital business world. Businesses need automated, real-time, ultra-reliable payment flows 24/7 in order to meet rising customer expectations.
“Unlike currently available bank offerings, Modulr is developer-friendly and, most importantly, not affected by the all-too-frequent out-of-hours outages of legacy systems that are simply not designed to be ‘always-on’,” he argued.
Modulr provides a complete alternative for corporate payments, replacing decades-old manual processes and integrations with a simple API.
Businesses can create and manage an unlimited number of payments accounts instantly and automate fund flows.
Stephenson continues: “Around-the-clock access to a rock-solid real-time payments infrastructure is key to building anything, from an alternative banking proposition to a lending company to an efficient accounts receivable/accounts payable or payroll process.
“We see this as the next step in the ‘consumerisation’ of financial services, where user experience – so often neglected in corporate services – takes centre stage,” he said.
The service is available to new customers here.
As instant payments become more ubiquitous in the US, SWIFT will provide an interface to manage the requirements of sending and receiving domestic instant payment transactions on behalf of customers.
The union has been sealed after the two rivals announced an initial agreement last month.
The expanded online payment solution aims to help small businesses get paid faster.
Six Swiss multinationals - including ABB, Nestle and Roche - have urged banks to use the global payments innovation service to improve cross-border payments.