Modulr, a Payments as a Service API Platform for digital businesses, announced on Monday the Alpha Launch of its Payments Dashboard and accountancy Pathfinder program, which gives accountants and bookkeepers manage and make payments for their clients. The Alpha Launch comes just days after digital banking group Revolut announced it teamed up with Modulr on a new early salary feature.
According to Modulr, the new Payments Dashboard will deliver greater control, visibility and access to payments capabilities for accountants through accounting and payroll platform connections, multi-step approvals, granular access control and workflow management.
“The Payments Dashboard forms part of Modulr’s commitments to delivering better banking and payments services to SMEs, funded by the £10m they were awarded from Pool C of the Capability and Innovation Fund (CIF) under the RBS Alternative Remedies Package.”
Modulr further explained that As part of the Alpha Launch, the launch of the Pathfinder program has seen key thinkers and professionals in the accountancy space sign up to be a part of building the future of accountancy “innovation.” Speaking about the program, Tom Kelly, strategic accountancy, payroll and employment services lead at Modulr, comments:
“We see accountants as allies in our bid to drastically improve the financial technology available to SMEs and their accountants today. SMEs have been poorly served when it comes to how their accountants access and manage their financial information and complex payment workflows that keep them running as usual. The slow, manual processes – due to integrations with business banks – are lacking real-time insight and workflow sophistication to be both valuable and useful for their day-to-day needs. Working with accountants across the industry, and software providers too, we’re building a product that will give businesses greater control, and their accountants proper and useful insights. All with the aim of driving better business performance and improved financial forecasting.“
As previously reported, Modulr claims it provides a new type of payment account and claims it to be built for businesses that need a “faster, easier, and more reliable” way to move money.
“Modulr accounts replace bank accounts for payments. They come with sort codes, access to payment schemes and everything you’d expect. But they’re faster, easier and more reliable. Instantly open as many as you need. Automate how you get paid, reconcile and make payments. All in real-time, 24/7 through your own systems. Our API integrates accounts into any platform. So you can easily streamline existing services and launch new payment products.”