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Modulr
Overview
Modulr (sometimes referred to as “Modular”) is a banking service provider currently being integrated by Crassula to offer banking solutions to clients. One of Modulr’s unique features is its ability to license other institutions. In the future, there are plans to collaborate with Modulr for Embedded Finance services.
Default currencies
EUR (Euro)
GBP (British Pound Sterling)
Supported regions
All regions where SEPA and UK local transfers are accepted.
Prerequisites
Customer must use Sumsub and complete KYC/KYB procedures.
Monthly turnover information must be collected using a questionnaire.
Account creation is initiated manually or upon client request after KYC/KYB.
Mandatory profile fields must be completed to activate accounts.
Additional materials
Website: Modulr Finance
API Documentation: Modulr API Documentation
Products and Services
The following table summarizes the functionality implemented with Modulr:
Name | Supported (Yes/No) |
|---|---|
Accounts | Yes |
Virtual accounts | No |
IBAN generation | Yes |
Private accounts | Yes |
Business accounts | Yes |
Multi-currency Accounts | No |
Mono-currency Accounts | Yes |
SEPA Credit Transfer (SCT) | Yes |
SEPA Instant (EUR-3) | Yes |
Target2 (EUR-1) | No |
SWIFT | No |
Direct Debit (BACS, SEPA) | No |
CHAPS (UK) | No |
Faster Payments (UK) | Yes |
BACS (UK), incoming only | No |
ACH (Automated Clearing House) | No |
Fedwire (Local USA payments in USD) | No |
Intraday Payment (DKK) | No |
FX orders and rates | No |
Interledger | Yes |
Refunds (incoming, outgoing) | Yes |
Dynamic payments (Bank transfer) | No |
Convert & Send | No |
CoP (Confirmation of payee) | No |
Provider dashboard | Yes |