Modulr, new principal issuing member of Visa
Scottish fintech Modulr just announced it has become a principal issuing member of Visa. As such they have access to the industry-leading global payments network and have the opportunity to enhance their proposition with new features (optimised pricing, faster and easier ways to launch Visa products).
Modulr removes the need for an intermediary bank. They can issue Visa products directly, which, in terms, allow for greater control over delivery, payment infrastructure and scheme compliance issues.
Modulr will use the partnership to accelerate its impressive growth in Europe. The fintech will launch card capabilities in both the consumer and business spaces soon, as well as additional issuing currencies.
“Gaining direct access to key financial infrastructure, such as the Visa network, means that we gain more control and are able to deliver faster, simpler and increasingly friction-free full payment capability to our clients. By opening up access to non-banks such as ourselves, it also helps to provide a more level playing field for competition in the sector.
We look forward to extending the functionality of Modulr’s core platform with a leading card scheme, enabling us not only to build a more reliable service, but to pioneer payments innovations even faster.”Myles Stephenson, CEO of Modulr
“We are thrilled to announce our partnership with Modulr, an exciting payments platform that enables digital businesses to offer innovative, user friendly, payment solutions. We look forward to working with Modulr as it looks to expand its portfolio and grow across key sectors in Europe such as travel. We look forward to seeing how our partnership will enable even more businesses across the UK and Europe to benefit from Visa products, driven by powerful payment solutions built by Modulr.”Jill Docherty, Head of Business Development, UK & Ireland at Visa
In 2019, Modulr became one of only a few non-banks to gain direct access to Bacs and Faster Payments and recently won Best Initiative from an SME at the Card & Payments Awards 2020.