Modulr and FIS have teamed up to support Modulr’s growth into the United States market.

This collaboration involves Modulr supplying technology for integration with FIS’s Money Movement Hub, a cloud-based platform that simplifies access to various payment networks via a single API. This marks Modulr’s first move beyond its existing UK and European markets where it has been operating since its establishment.

US Real-Time Payment Systems

The expansion aims to address the increasing need for real-time payment solutions in the US, which now features two major instant payment systems: The Clearing House’s Real Time Payments network launched in 2017 and the Federal Reserve’s FedNow service introduced in 2021. FIS’s Money Movement Hub offers financial institutions a unified point of integration for real-time, batch, and cross-border payments.

Modulr’s Experience and Authorisation

Modulr brings extensive experience with payment schemes across the UK and Europe, including direct involvement in Faster Payments and Bacs, as well as SEPA and SWIFT connections. The company is authorised by the Financial Conduct Authority in the UK and De Nederlandsche Bank in the Netherlands.

Platform Capabilities

Modulr’s API-driven platform handles over 300 million transactions annually with a total payment volume of more than GBP 150 billion. The platform supports various functionalities including account services, card products, and multiple payment methods. Modulr maintains settlement accounts at the Bank of England and is a principal issuing member of Visa and Mastercard.

This partnership highlights the growing trend among US financial institutions to adopt real-time payment infrastructure as they look to upgrade their payment processing systems and enhance services for both commercial and retail clients.