UK fintech Modulr has secured Visa Ready certification, allowing it to provide support for clients in choosing products that meet the global standards of Visa.
Working with Visa will allow the digital payment firm to automate payment flows, embed payments within business propositions and launch entirely new features and services. In addition, the new certification validates Modulr’s position as a provider of Visa products.
Modulr provides a payments-as-a-service API platform for digital businesses.
The company first partnered with Visa early last year, helping the fintech optimise pricing, improve speed to market and provide simpler ways to launch Visa products. In addition, the move was aimed to help expand Modulr’s European customer base.
Achieving Visa Ready status certifies the Modulr infrastructure, and in turn helps ensure customers are using the highest technological standard of Visa payment solutions.
Head of Business Development, UK&I at Visa Jill Docherty commented: “We’re delighted to be part of Modulr’s continued growth and proud they have achieved Visa Ready certification.
“Small businesses continue to be some of the hardest hit by the pandemic and together with Modulr, we’re committed to supporting them as they build for recovery. Through this extended partnership more businesses will be able to access the crucial tools and resources they need to benefit from the digital economy.”
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As lockdown restrictions ease, it is vital that SMEs recover quickly and take every advantage offered by the digital economy. Research from Modulr highlighted the pressure SMEs face in curbing the rising cost of payment services on the one hand and meeting rising customer expectation of payment experiences on the other.
Chief Executive at Modulr Myles Stephenson added: “Securing Visa Ready certification is a critical step in achieving our goal of striving for greater innovation and payment improvements across the industry for every size of business.
“Working with Visa, our mission is to further expand our platform in the coming months so every UK and EU business can easily and efficiently benefit from the power of embedded payments.”
In addition, in November 2020, received £9 million of backing from PayPal Ventures to help it develop additional products, grow its team, and expand its customer base.