Modulr secures EMI licence from the Central Bank of Ireland

By Megha Bhattacharya

FinTech Modulr has announced that it has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited. The newly granted EMI licence will enable the FinTech to offer an extensive suite of payments products, including its award-winning payments platform, through its powerful API to EU markets.

Myles Stephenson, Chief Executive, Modulr commented, “We are delighted to have been granted an EMI licence by the Central Bank of Ireland. The opportunity for a digital alternative to commercial and wholesale transaction banking is significant as software businesses across multiple industry sectors are identifying the need to deliver new functionality and efficiencies to their customers by embedding payments in customer journeys.”

“We believe that our depth of experience in digital payments and API integration makes us the perfect partner for European businesses seeking to transform the way they make, receive and manage payments. Traditional banks face clear challenges in making embedded payments a reality via developer-friendly and seamless APIs.”

Modulr stated that it will be leveraging its expertise of real-time payments to SEPA Instant and enhance the new scheme by providing access for European software companies, merchants, specialist banks and more.

Modulr, recently, announced the launch of Confirmation of Payee, a fraud prevention initiative spearheaded by Pay.UK. The new feature is expected to offer an extra layer of defence to protect the FinTech’s customers from redirect payment fraud or the authorised push payment (APP) fraud. The product launch is the second such development to come out of Modulr’s £10 million grant from the Capability and Innovation Fund (CIF) under the RBS Alternative Remedies package.

John Irwin, General Manager, Modulr Europe commented, “The granting of the licence is a significant milestone for Modulr’s European operations in Dublin and ambitions for the European market. Our digital platform and experience can transform the payments business. For too long, European payments have relied on the same technologies.

“We look forward to automating payment flows, embedding payments within customers platforms and enabling them to focus on their core business.”