Modulr becomes Chaps direct participant
Modulr has announced its status as a direct participant in CHAPS, the UK's real-time high-value payment scheme, allowing it to settle payments directly through the Bank of England. This move positions Modulr to facilitate faster and more efficient payment services for its clients.
As a direct participant, Modulr enhances its operational capabilities, potentially attracting more businesses looking for seamless high-value payment solutions. This development may also intensify competition in the payments landscape, particularly among fintechs that are leveraging CHAPS for high-value transactions.
Key takeaways
- ▸Modulr can now settle payments directly through the Bank of England via CHAPS.
- ▸This direct participation enhances Modulr's payment automation services for businesses.
- ▸The move may attract new clients seeking efficient high-value payment solutions.
Why this matters
Modulr's entry into CHAPS as a direct participant could significantly improve its service offerings, giving it a competitive edge in the payments space. This shift may prompt other fintechs to explore direct participation options, potentially reshaping the landscape for high-value transactions in the UK.
Entities
Related stories
- 2.Payments Dive