Modulr Secures its First-Ever Contract with HMRC for Confirmation of Payee Services

• Landmark agreement establishes Modulr as a key technology provider to HMRC for payment validation services, supporting faster, cheaper and safer payments
• HMRC used the new Open Banking Dynamic Purchasing System (DPS), making Modulr one of the first new suppliers to secure a contract under this framework

London, 17th December: Modulr, a leading digital payment services provider, is today announcing a significant new contract with His Majesty's Revenue and Customs (HMRC) for the provision of Confirmation of Payee (CoP) services.

Under the agreement, Modulr will continue to protect the security of HMRC's payments to individuals and businesses through its CoP service, which helps prevent fraud by validating bank account details in real-time with receiving banks and payment institutions.

“This landmark contract demonstrates how modern payment technology can build on public sector services,” says Myles Stephenson, CEO of Modulr. “As the new supplier contracted under the Open Banking DPS framework for CoP services, we’re committed to enhancing payment security and ease for public sector transactions.”

This agreement is a new supplier contract awarded under the Open Banking (Data, Digital Payments & Confirmation of Payee Services) Dynamic Purchasing System (DPS) RM6301 for provision of CoP services, managed by the Crown Commercial Service (CCS). The DPS, available to all UK central government departments, charities, public bodies and organisations, provides a streamlined procurement process with preset contract terms and a range of services that buyers can filter to meet their needs.

In addition to CoP, Modulr has a comprehensive strategy tailored to payments in the public sector. For government agencies, Modulr offers innovative solutions for payroll and accounts payable, combining the use of outbound payments, inbound payments, Open Banking and CoP through its API-first platform. For Local Authorities, Modulr’s solution for social care and benefit disbursements integrates cards, accounts, direct debit and Open Banking – aligning to its ongoing mission of supporting the unbanked and vulnerable populations through accessible payment solutions.

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At Modulr, our vision is a world where all businesses are powered by embedded payments.

Modulr enables thousands of businesses, from SMEs to enterprise, across the UK and Europe to efficiently pay-in, collect and disburse funds instantly via a range of payment methods, accounts, and card products.

We’ve created an industry-leading platform with comprehensive online tools and API access, to meet the demands of daily business payments. We are connected to an expanding network of accounting and payroll platforms, including Sage, Xero, BrightPay and IRIS. Our payments expertise and extensive product capability also enables us to build tailored solutions to solve complex payment problems for hundreds of clients in a range of industries, including Travel, Merchant Payments, Lending, Wage Advance and Investment & Wealth.

We are deeply integrated into the payment eco-system. In the UK, we are direct participants of Faster Payments and Bacs, and hold settlement accounts at the Bank of England. Our payment network connectivity includes CHAPS, Open Banking, SEPA, SWIFT and account issuance in a range of currencies. We are principal issuing members of Visa and Mastercard across the UK and Europe.

Our regulatory permissions and governance structure underpin our business. We are regulated as an Authorised Electronic Money Institution (AEMI) in the UK by the Financial Conduct Authority and in the Netherlands by De Nederlandsche Bank.