Revolut unveils new early salary feature, powered by Modulr

By Pavithra R

Revolut has announced the launch of a new early salary feature, delivering flexibility and early access to all Bacs payments scheme for more than 3M UK customers. The new functionality is enabled by Revolut’s long-term payments partner, Modulr. 

“Early access to salaries could be a genuine lifeline for many during these tough economic times. Our aim is always to provide Revolut customers with services they need and the best possible experience. 

With Modulr we’ve been able to deliver better services and experiences to millions of UK customers. We’re looking forward to future innovation and to launching many more exciting products for Revolut customers. Now more than ever, our customers across the globe need easily accessible tools to manage their finances proactively and successfully,” said Nik Storonsky, CEO and Founder at Revolut.

The latest feature is added to Revolut’s growing financial superapp, that provides consumers with new, useful and unique services not offered by traditional banks. Through the new functionally, whether it is students receiving their student loan or those financially squeezed by the impact of Covid-19, customers can have more control over their finances during tough economic conditions. 

Last year, Modulr, the payments platform became one of few non-banks to gain direct access to the Bank of England, including Bacs and Faster Payments. Through this access, the FinTech has been able to innovate and create new ways for its partners to access payments through automation in a more seamless and efficient way than via traditional banking partners.  Revolut has used Modulr’s API platform since 2017. This FinTech collaboration has enabled Revolut to develop and launch multiple everyday services for its growing customer base.

“Revolut continues to go from strength to strength, as it asserts itself as the go-to challenger for consumers eager to have greater ease, access and control of their money. Utilising our APIs and direct access to the Bank of England, Revolut can offer their customers payments solutions fit for this new normal we find ourselves in – where payments need to be instant, flexible and reliable. Customers accept nothing less now.

With Modulr’s commitment to payments innovation, the partnership with Revolut is a natural fit. We’re excited to continue our journey with Revolut and look forward to seeing the future innovative releases they bring to market,” said Myles Stephenson, CEO and Founder of Modulr.