London-based fintech, Modulr, has joined Mastercard as a principal issuing member, granting it direct access to the leading global payments network, and improving its speed, functionality and scalability to market, according to a press release.
Modulr will use the partnership to further expand its product portfolio, diversify its range of options for its customers and drive adoption within key market verticals, such as travel and alternative banking.
“Gaining even further direct access to key financial infrastructure, such as the Mastercard network, enables us to have even greater control and to further enhance our delivery of fast, simple and frictionless full payment capabilities to our clients,” Myles Stephenson, CEO of Modulr said in the release. “Granting access to non-banks such as ourselves also helps to create a level playing field and promotes positive competition in the sector.”
Modulr became the first non-bank to launch Confirmation of Payee, a fraud prevention initiative spearheaded by Pay.UK
Through direct access to U.K.’s Faster Payments company, Modulr has an account in the Bank of England’s Real-Time Gross Settlement (RTGS) system, which enables Modular to settle payment obligations with central bank money under its Modulr FS Limited entity. It will do the same for its principal issuing membership for Mastercard.
“We look forward to working with Modulr as they enable innovation across payments by expanding their product portfolio, which will allow even more businesses across the UK and Europe to benefit from Mastercard products, driven by Modulr’s powerful payment solutions,” Edoardo Volta, head of fintechs at Mastercard said in the release.