LONDON--(BUSINESS WIRE)--Today, leading payments platform Modulr announced a partnership with Ripple, the leader in enterprise blockchain and crypto solutions, to enable seamless payments into the UK and Europe. Trust Payments, the global unified payments group, is the first customer to go live and begin benefiting from the partnership.
Together, the two leading FinTechs will make it easier than ever for businesses, like Trust Payments, to run real-time payments internationally powered by Ripple’s financial technology, RippleNet. With Modulr’s technology, global businesses have an alternative to legacy correspondent banking and can now make payments into the UK and Europe faster, more reliable, and cost-effective.
Since inception, Modulr has focused on building a seamless Payments-as-a-Service solution into the European and UK payment rails - with access to critical payment infrastructure in the UK including Faster Payments and Bacs CHAPS, SWIFT and SEPA in Europe. Its access and deep expertise of the European payments landscape made Modulr an ideal partner for Ripple. Moreover, Modulr is one of few non-banks to be directly connected to the Bank of England, allowing the payments platform to settle funds at the Central Bank.
As the first company to directly benefit from the partnership between Ripple and Modulr, Trust Payments can continue to expand its service and deliver new payment options.
Commenting, Jonathan O’Connor, Chief Commercial Officer of Trust Payments, said, “Trust Payments continues its disruption in payments with the partnership between Modulr and Ripple delivering a new payment option for settlements. We want to ensure we offer merchants alternatives to traditional methods with reduced fees and increased speed of funding to their accounts.”
Together, Ripple and Modulr look forward to delivering real-time, price-competitive and reliable payments into the region, from the Asia Pacific, North America, Latin America and Middle East regions.
Sendi Young, Managing Director of RippleNet in Europe comments, “Ripple is thrilled to partner with Modulr, who has a deep knowledge and expertise of the payments landscape, as well as unrivaled connections to critical payment infrastructure in the UK. Together we look forward to providing faster, simpler cross-border payments experience for customers on RippleNet into the UK and Europe.”
Myles Stephenson, CEO and Founder of Modulr comments, “We’re excited to partner with Ripple - we share the same fundamental goal which is to make it easy to send and control global business payment flows by removing the hidden inefficiencies plaguing international payments today. This partnership lays the groundwork for even bigger things to come. At Modulr, we’re looking forward to working with Ripple on delivering real-time, price competitive and reliable payments into the UK and Europe, and then globally in the coming months.”
Ripple is the market leader in blockchain and crypto enterprise solutions. In 2021 Ripple had the most successful year to date, more than doubling the number of transactions on RippleNet, with a payment volume run rate of over $10B.
RippleNet leverages blockchain technology to help partners across a global network accelerate their business performance and scale. It delivers a superior end-customer experience, simplified network partnering, liquidity management solutions, lines of credit, and state-of-the-art infrastructure to enable real-time payments.
Modulr is authorised and regulated by the FCA as an Electronic Money Institution (Modulr FS Limited), and so can issue GBP accounts with dedicated account numbers and sort codes. As a direct participant of the Faster Payments and Bacs schemes, they hold and settle funds at the Bank of England, providing reliability and security for users. In the EU, Modulr is authorised and regulated as an Electronic Money Institution by the Central Bank of Ireland (Modulr FS Europe Limited) and Modulr Finance B.V. is authorised and regulated by De Nederlandsche Bank in the Netherlands and EU.
Modulr is the Payments as a Service API platform for digital businesses. It integrates into any product or system. Modulr’s new type of payment accounts are built for businesses that need a faster, easier and more reliable way to move money. Businesses can automate payment flows, embed payments into their platforms and build entirely new payment products and services themselves. All managed in real-time, 24/7 from one API.
Modulr’s API makes it easy for businesses to streamline existing services, launch new products and scale more efficiently. Modulr FS Limited (900573) is an Authorised Electronic Money Institution, regulated by the Financial Conduct Authority. Modulr FS Europe Limited (C191242) is authorised and regulated by the Central Bank of Ireland and as an Electronic Money Institution. Modulr Finance B.V. (R182870) is an Authorised Electronic Money Institution, regulated by the De Nederlandsche Bank (DNB). Modulr has offices in Edinburgh, Amsterdam, London and Dublin.
For further information - please visit www.modulrfinance.com
Ripple is doing for value what the internet did for information: enabling its instant and seamless flow around the world. We call this the Internet of Value (IoV). Using blockchain and cryptocurrency technology, Ripple is dedicated to creating powerful gains in financial efficiency, equity and inclusion. In addition, Ripple is developing and enabling the future use cases that will catalyze the new digital economy for governments, businesses and consumers.
Ripple has offices in San Francisco (HQ), New York, London, Mumbai, Singapore, São Paulo, Reykjavík, Washington D.C. and Dubai.
About Trust Payments
Trust Payments, the disruptive leader in fintech specialising in frictionless payments and value-added services for SMEs, provides on-demand Payments and Banking-as-a-Service to help businesses grow and scale online, in-store, and on mobile.
Trust Payments combines these services with powerful tools, such as loyalty management and instant eCommerce, engaging new innovative payments methods in crypto and bank transfers to drive Converged Commerce™.
Focusing on the SME sector in the UK, EU and US, Trust Payments drives value for our clients through personalised services, secure and frictionless payments, and innovative products.
Trust Payments has a global footprint, with over 400 people across 10 offices supporting the most demanding business sectors, from travel and hospitality to crypto, gaming, and financial services, and an acquiring network of over 50 global banks and hundreds of alternative payment methods.
Trust Payments holds Visa and Mastercard Principal Memberships in the EU for cross-border business, licenced by both the Malta Financial Services Authority and UK Financial Conduct Authority, and holds licences in 7 US States to carry out regulated payments in gaming. Find out more at trustpayments.com.