At Modulr, we’re constantly looking for ways to improve the payment experience for our users and protect businesses against fraud.
That’s why we’re excited to announce the launch of our latest feature, Multiple Payee Checking, available free of charge to all business payments users.
Designed to enhance accuracy and security, this new functionality will make payroll and supplier payments simpler, safer, and more transparent.
What is Multiple Payee Checking?
Multiple Payee Checking—also referred to as Multiple Confirmation of Payee (CoP)—is a tool that enables businesses to verify payment details for multiple recipients in one streamlined process.
Before payments are sent, the system cross-references recipient information to ensure it matches the intended beneficiary’s bank account details. This added layer of confirmation is crucial in reducing errors and protecting against fraud.
For businesses handling payroll or managing supplier payments, this feature provides an invaluable safety net. Whether dealing with one-off pay runs or inconsistent payment schedules, users can feel confident knowing their funds will land in the right place.
Ready to experience the benefits for yourself? Log into the Modulr portal to explore the new feature and take the first step toward more secure and accurate payments.
Why is this important?
Payment fraud and errors remain a persistent challenge for businesses of all sizes.
In the first half of 2024, over £570 million was lost to payment fraud as criminals targeted individuals, using deception to trick them into making payments or sharing information that allowed access to their accounts.
Even small mistakes, such as mistakenly keyed account numbers, can have serious consequences—from strained supplier relationships to reputational damage.
By implementing Multiple Payee Checking, Modulr is helping businesses safeguard their finances and reduce the risk of fraudulent transactions.
This feature not only supports compliance with payment regulations but ensures peace of mind for users who rely on Modulr for critical business functions like payroll and accounts payable.
Key benefits of multiple beneficiary checking
- Fraud prevention. Protect your business against impersonation scams and payment fraud by ensuring every transaction is validated before funds are transferred.
- Free for small business users in the UK. Modulr is committed to making secure payments accessible. That’s why this feature is offered at no additional cost for our business payments users. Partner and direct users can also access it through existing pay-per-check arrangements.
- Enhanced user experience. Simplify the process of verifying recipient details, reducing administrative burden and enabling faster payment approvals.
How does it work?
The process is seamless and designed to fit naturally into your existing payment workflows. When preparing a payment (whether single or in batches), users simply upload the payments into the Modulr portal.
The system then performs a real-time check against the recipient information associated with those payments, flagging any discrepancies that need to be addressed before payments are finalised. This automated process minimises manual intervention while ensuring every transaction meets the highest accuracy standards.
"We are really pleased with the introduction of the new multi-confirmation of payees feature. This valuable addition to the Modulr payment system is not only handy and useful, but also strengthens security knowing that we can now verify payee details before making payments. It provides us with added peace of mind, ensuring greater accuracy and fraud prevention. We look forward to further developments of this feature and will be integrating it into our payment processes moving forward."
AK9 Security
What’s next?
The launch of Multiple Payee Checking is just one example of how Modulr is enhancing its platform to meet the needs of businesses. As we continue to roll out updates and innovations, our focus remains on delivering reliable, efficient, and secure payment solutions that help businesses thrive.
We’re also eager to hear your feedback! As you begin using this feature, let us know how it’s making a difference for your business. Your insights will help us refine and expand our offerings to serve you better.
Final thoughts
Mulitple Payee Checking is now live in the Modulr Portal. We can’t wait to see how this feature supports your business. Stay tuned for more updates as we continue to innovate and enhance the Modulr platform. In the meantime, if you have any questions or would like to learn more, our team is here to help.
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