Automated payment fintech firm, Modulr, which has an office based in Edinburgh, has partnered with Sage, a multinational enterprise software company that provides integrated accounting, payroll and payment systems to businesses.
The goal of the partnership is to simplify the job of managing accounts payable and payroll payments for businesses across the UK.
Born out of this partnership, the new solution is called Sage Salary and Supplier Payments. It is designed to allow companies and their accounts to securely manage and process payments from directly within the Sage Accounts and Payroll products.
It is hoped this new partnership will disrupt the UK’s small and medium sized enterprises (SMEs) banking and payment market by improving the payments services available to SMEs and accountants.
Powered by Modulr’s software, the Sage Salary and Supplier Payments service will be delivered to Sage customers across the UK allowing businesses access to payment services 24/7, 365 days a year.
Seamus Smith, executive VP Global Payments & Banking at Sage, said: “Being able to pay employees and suppliers on time is an essential part of modern business. By enabling our SME customers and accountant partners to automate vital financial processes directly from our products, we can exceed their expectations. This will help them to save time on administrative processes, take control of the flow of money through the software, improve data security and reduce costs.
“Modulr brings significant industry expertise that offers us the opportunity to expand the capabilities of our solution with new functionality and geographies, together with specific support for the development of our partner channels.
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“Customers and accountants will further benefit from real-time visibility of payments, seamless reconciliation of payment data into Sage’s Accounting and Payroll products and role-based access controls, meaning that they can track and manage a full audit trail of activity pertaining to outgoing payments, which will give them full control of a crucial part of their business.”
Myles Stephenson, chief executive of Modulr, added: “Our Payments as a Service API platform enables our partners to quickly and easily integrate new payment services into their core products.
“Our innovative partnership with Sage will enable SMEs to address the significant burden created by existing inefficient payment processes. Our fully integrated service provides a fast, easy and reliable alternative to processing payments via traditional business and corporate banking.”