The new service enables customers to build and launch embedded real-time Euro payment propositions via the Modulr API, allowing them to send and receive payments immediately, under their own or Modulr’s regulated status. By embedding real-time payments directly into their software, businesses in the European market will be able to deliver efficient and competitive payment propositions more easily and quickly than previously possible.

Historically, businesses have had to contend with next-day settlement of funds (depending on cut-off time) which necessitated technological compromise and manual intervention. As technology has raised the bar for customer expectation, these hidden payment inefficiencies within backend processes surface up to create outdated, clunky and slow payment experiences – all to the frustration of the customer.

SEPA Instant’s real-time capability is expected to reshape many traditional payment processes within accounting and payroll, business payments and retail financial services. SEPA Instant is also expected to supercharge the capability of emerging sectors that will benefit from payment immediacy like crypto, eCommerce and lending. However, the true potential of SEPA Instant lies in how businesses can seamlessly embed it into existing software via the Modulr API. This creates a payments process which is seamlessly joined up with the business’ wider tech stack and capable of adding value.

Marca Wosoba, Managing Director for Europe at Modulr, comments: “We’re increasingly living in an instant economy and historically financial services have lagged behind, holding up European business innovation. But that all changes thanks to SEPA Instant. Now, payments not only keep up with a business’ tech stack but become a competitive advantage in their own right.

“Modulr exists to enable growth and innovation by making payments flow more efficiently through businesses and the economy. We imagine a world where banking customers can instantly see their accounts topped up, or lenders can immediately send emergency funds to borrowers. We imagine a world where payments operate 24/7 all year round with no cut-off times. And all accessed via API so businesses can choose to embed within their own software or launch entirely new services and models. This is the world that Modulr wants to build for European businesses and we’re excited to bring our embedded real-time Euro payments service to market.”

While Modulr expects its payment volumes via SEPA Instant to increase significantly compared to the existing SEPA Credit Transfer scheme, the embedded payments platform also expects customers to use SEPA Instant in conjunction with other services. The typical European payments package would include SEPA Instant for inbound and outbound payments, digital EUR account issuing for fund routing and holding, with physical and virtual card issuing enhancing the setup, all from one integration with the Modulr API. Modulr also supports access to GBP payments and accounts, including direct access to Faster Payments and Bacs.