How Rvvup streamlines multi-channel payments with Modulr's banking infrastructure
Rvvup, a pioneering payments technology company, has worked with Modulr since its inception to solve a fundamental challenge in modern business payments: the fragmentation of payment methods and channels.
By building upon Modulr's EMI accounts rather than traditional bank accounts, RVVUP enables businesses to consolidate a wide array of payments into a single platform with greater visibility and efficiency whether money is going in or out.
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Solving payment fragmentation for modern businesses
Rvvup’s core customer base is merchants, who themselves are facing demands to accept more varied payment methods and give their customers exceptionally rapid and clear buying experiences on and offline. To achieve this, Rvvup brings together payment technology across debit and credit cards, digital wallets, BNPL, Open Banking and digital currencies.
Through Modulr, Rvvup enables businesses to enhance conversion by offering customers their preferred payment methods, while avoiding the fragmented tech stack and reporting landscape normally associated with enabling multiple payment methods.
“Businesses now are expected to support multiple payment methods through multiple payment channels,” explains Sean Young, Rvvup's CCO. “They have to facilitate new customers and on-account customers, cash customers; where they need to work with many different providers to bring this together, and that is causing huge fragmentation in their business. This fragmentation drives high – but often invisible – cost in manual work that’s undertaken to patch together disparate processes.”
The challenge is particularly acute in the B2B space, where businesses must manage various payment methods while maintaining real-time visibility of their cash position. Traditional approaches require multiple integrations across different payment providers, as well as separate, disjointed reconciliation processes, and need ongoing manual monitoring to track payments. It’s the perfect problem for embedded payments to solve.
Centralising payments with Modulr's infrastructure
Rvvup identified Modulr's EMI accounts as a key solution early in their development. “Modulr plays an important role in supporting platform centralisation of payments,” says Sean.
“Because we want to bring together many payment channels, primarily we needed a technology provider with specific banking capabilities,” he explains. “These were to help us centralise all payments into a single EMI account that we can give to each merchant, that can give us and them real-time updates that they've received payments across multiple payment rails, and be able to disperse it with an immediate alert for when the payments have been accepted and received, as well as when the funds have actually moved.
“That sounds simple, but information about payments and funds is typically shared on two different timescales. What we require is fundamentally a modern-day banking technology, not a legacy solution that is too slow to deliver the real-time data needed.”
“At its core, Rvvup’s approach prioritises merchant experiences, offering real-time visibility and automation that goes beyond just movement of funds, to the updates of back-office systems like accounts receivable and logistics. By leveraging modern partners like Modulr for specific capabilities, we are able to simplify complex processes, allowing us to build a robust and scalable payment ecosystem that drives innovation, growth and customer satisfaction.”
Many merchants’ payment platform providers are now more than 15 years old and were originally designed only for card payments. The situation neither supports merchants nor reflects the expectations their customers hold when it comes to paying for goods and services, processing refunds and providing up-to-the minute information about where their money is.
“We can take payments across Open Banking, Cards, Apple Pay, Google Pay, PayPal and Clearpay, and they all hit the Modulr account,” says Sean. This centralisation combines with webhook-driven notifications, enabling Rvvup to provide merchants with real-time payment visibility and automated reconciliation, dramatically reducing the manual effort required by their clients. It also means that merchants can provide greater clarity to their customers on the state of a payment, especially if it fails.
Transforming from manual to automated
The impact on businesses has been significant. “We had a recent case where someone was telling me they have people logging into their bank account every hour during the day to check for payments received and match off invoices,” says Sean. “Now, they have automation that triggers the transaction and confirms money is coming in through the next workflow.”
For a £60 million turnover business, the reconciliation efficiencies alone saves approximately half a full-time employee's workload, says Sean. What’s more, by optimising payment routing through methods like Open Banking, Rvvup can help businesses reduce transaction costs by 80-90% on certain payment types.
Building for the future
Rvvup is gearing up for significant growth, with more enterprise clients recently coming onboard, including a £600 million turnover business processing over 20,000 invoice payments per month.
Sean is also keeping a close eye on the evolution of payment technologies like Variable Recurring Payments (VRP). “It will give a viable alternative to direct debit solutions in the market, which will help increase the speed and functionality of a lot of transactions, particularly in the B2B world.”
That combination of integration, speed and flexibility is at the heart of Modulr’s capability – something that Sean notes will continue to be valuable as the embedded payments world continues to develop, with faster and more nuanced reporting making a huge difference to merchants and indeed any business managing their payments for cashflow, FX, forecasting, risk factoring and much more.
“Modular’s backend capabilities around the speed of data and funds complement Rvvup’s commitment to delivering seamless payment solutions that empower merchants with real-time insights and control,” he says.
“Modulr ensures we get funds as quickly as the payment rails allow, while providing data faster than most others. That’s useful in so many ways.”
If you would like to explore how Modulr could support your organisation in accelerating, processing or automating payments, contact a member of the team.
If you would like to learn more about working with Rvvup, please visit rvvup.com
