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October 29, 2020

Modulr launches physical cards to complement its virtual card programme

By Evie Rusman

Payments platform Modulr has revealed its new physical cards to the public in a bid to complement its existing virtual card programme.

From today, clients will be able to issue physical cards with fully customisable brand design, together with 3D Secure as default, and controls, including instant notifications and card freezing.

Through the launch, Modulr’s aim is to make it easier for its clients to deliver an efficient, cost-saving solution.

Myles Stephenson, chief executive and founder of Modulr, said: “In today’s market, both existing and new card programme managers need to keep up with customer expectation and yesterday’s archaic multi-partner, expensive and slow solutions are no solution at all.

“We believe traditional wholesale and commercial transaction banking services can be simplified – that’s why we’ve built the Modulr platform to be a one stop solution payments hub, Businesses can launch card programmes easily but also benefit from the wider product set including direct access to major UK schemes the latest innovations like Payment Initiation and Confirmation of Payee at the touch of a button. The cards are well and truly in our clients’ hands.”

The launch is part of the fintech’s commitment to the Capability and Innovation Fund.

Modulr’s card programme

Each card will be connected to a digital account, which has a sort code and account number, and the wider Modulr infrastructure.

In addition, the programme features a simplified back-office, with a portal for customer support teams, a simple chargeback process, as well as card stock ordering and management.

This means those new to card programme management can rely on Modulr to look after scheme reporting and fraud monitoring.

Paul Smith, CEO of Morses Club, a Modulr cards customer, said: “The move to Modulr is a significant step forward in our strategy to invest in our digital infrastructure. Not only will Modulr be a more reliable provider for our U Account customers, but the superior technological capabilities of the platform will allow them to access a service offering not typically available outside of mainstream banking providers.

“This relationship marks a significant progression towards achieving scale within the e-money accounts market, providing a bigger pool of customers who can take advantage of Morses Club’s other digital products.”

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