GBP Direct Debits utilises Modulr’s Direct Debits Mandate service to serve EEA customers with local UK account
UK-based financial technology firm Revolut has enhanced its global financial retail and business platforms with the launched new feature, GBP Direct Debits, for its European Economic Area (EEA) customers.
The new feature, which utilises Modulr’s Direct Debits Mandate service, allows all EEA customers with local UK account to make their regular GBP Direct Debit payments directly from their Revolut accounts.
With its API platform, the Modulr makes getting paid, reconciling and making payments fully automated and can be managed in real-time, 24/7, all through Revolut’s existing platform.
Additionally, Modulr helps businesses streamline existing services, launch new products and scale more efficiently.
Modulr CEO and founder Myles Stephenson said: “Utilising our APIs, businesses such as Revolut are able to offer customers a payments solution fit for the ‘Instant Economy’ world we live in – where payments need to be instant, reliable and easy, as customers will no longer accept anything less.
“With our technology, Revolut adds another string to its bow, improving the offering for existing customers and growing its appeal and attraction to new customers too.”
GBP Direct Debit Guarantee service provides security against fraudulent activity
Additionally, the GBP Direct Debit Guarantee service provides security against fraudulent activity or a potential error for Revolut’s retail and business customers.
Revolut CEO and founder Nik Storonsky said: “We are providing Revolut customers with an alternative digital payments infrastructure unshackled by a reliance on traditional and slow legacy banking. GBP Direct Debits are the latest integration, as we build towards becoming the bank of the future.
“With Modulr, we not only have a partner we know and trust, but one who we can work with to launch new payment products with ease.”
In October 2019, Revolut said it is expanding its collaboration with Mastercard to launch its cards in the US by the end of 2019.
Mastercard said that since the launch of Revolut in 2015 and its participation in the accelerator programme, Start Path, the global payments company has established a strong collaboration with the UK firm.
The partnership agreement with Mastercard would enable Revolut to provide financial services to consumers in the US by the end of 2019.