Modulr becomes the only non-bank payment service provider with direct access to all three major UK payment schemes
Modulr, the payments automation platform built to scale, has become a direct participant in CHAPS, the UK’s same-day high-value payment scheme, settling directly at the Bank of England. Modulr is one of the 260+ fintechs in the FinTech Scotland community.
CHAPS is a critical part of the UK’s payments infrastructure, enabling high-value, time-critical payments. In 2025 the system settled £93.9tn across a record 53.3mn payments, an average of £371.3bn every working day, according to the Bank of England.
As demand and transaction volumes grow, settling CHAPS payments directly at the Bank of England gives Modulr greater control over its payment flows and a more efficient service for customers.
This development also means Modulr is the only non-bank payment service provider (NBPSP) with direct access to all three of the UK’s major payment schemes: Faster Payments, Bacs, and CHAPS.
Myles Stephenson, Founder & CEO, Modulr, 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 has also just been named one of the world’s top fintech companies for 2026 by CNBC and Statista, a prestigious recognition that reflects the company’s growing impact and reputation on a global scale.
Modulr’s achievement is a testament to the ambition and capability within Scotland’s fintech community.
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