Tymit, the mobile-enabled instalment credit card, has today announced it has partnered with the FinTech Modulr, the payments-as-a-service API platform, to bring real-time payments to Tymit cardholders, enabling them to take control of their finances and plan the way they pay.
Many people’s personal finances have been put under pressure by the Covid-19 crisis. And while the Job Support Scheme has taken over from furlough, many will still find it difficult to stay on top of their finances and pay bills in the coming months. The common experience of clunky, slow and unreliable repayments to credit card bills only adds to financial and emotional stress.
Tymit is on a mission to reinvent the credit card by making it more flexible, safer and fairer. Without the burden of a revolving balance, Tymit users avoid interest and charges, while purchase simulation and upfront fee breakdowns enable smarter spending. This is made possible through Modulr’s fast and reliable payments infrastructure, and underpinned by the FinTech’s direct access to the Bank of England.
For most credit cardholders, making repayments to their account is a major and unfair pain point. Legacy systems - upon which traditional credit card providers typically run - introduce significant delays to the process, meaning payments can take days to clear on their balance. Modulr’s API-first platform enables Tymit to roll out real-time payments (via the Faster Payments scheme) to all its customers quickly and efficiently. This provides them with the transparency and control they need during these challenging times.
Martin Magnone, CEO at Tymit, said: “Our partnership with Modulr gives our customer experience a serious boost by allowing us to apply payments in real time. Tymit users can now make Faster Payments and access an always up-to-date account balance, helping them manage their finances better through improved visibility. With this partnership, we’re bringing together the best in payments and credit innovation to offer a real alternative to the traditional credit card experience.”
Myles Stephenson, CEO at Modulr; commented: “We live in a time where instant payments and balance updates are no longer ‘nice to have’, but a necessity that can make a real difference to people’s financial lives and wellbeing. Tymit’s mission to reinvent the credit card, using real-time account information is something that’s desperately needed right now. And powered by Modulr, our payments infrastructure will drive efficiency, creating faster and more efficient credit card experiences for Tymit customers.”
Modulr, the payments platform, became one of few non-banks to gain direct access to the Bank of England, including Bacs and Faster Payments, last year. Through this access, the FinTech has been able to innovate and create new ways for its partners to access payments through automation, in a quicker, simpler and more efficient way than via traditional banking partners. Modulr has also led the market in being the first non-bank or building society to implement Confirmation of Payee in 2020, a groundbreaking anti-fraud service.