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THE CENTRAL BANK OF IRELAND GRANTS MODULR AN EMI LICENCE

  • The European arm of Modulr has been established to provide services to customers across the European Union
  • Modulr will drive instant payments expertise into the Eurozone, to radically transform wholesale and commercial payments
  • Powering the payments infrastructure of Sage, Revolut, Mode and Iwoca, Modulr’s European ambitions are hotly anticipated by the European software businesses to enable payment capabilities for their customers

 

UK and Ireland-based FinTech Modulr has today announced it has secured an electronic money institution (EMI) licence from the Central Bank of Ireland for its Dublin-based entity, Modulr FS Europe Limited (638002), (hereafter referred to as Modulr Europe).

Modulr Europe was granted an EMI licence by the Central Bank of Ireland and plans to provide services to customers across the European Union.

Following strong business growth in the UK over the past four years, the newly granted EMI licence will enable the FinTech to offer an extensive suite of payments products, including its award-winning payments platform, through its powerful API to EU markets.

The team at Modulr also brings its significant expertise of real-time payments to SEPA Instant, the euro’s instant payments scheme. Modulr will draw on its experience of Faster Payments to unlock the potential of the new scheme by providing efficient access for European software companies, merchants, specialist banks and more.

The true potential of a digital API-led alternative to commercial payments will rely upon an agile and efficient ‘behind the scenes’ payments process, which has historically been inaccessible and unaffordable to SMEs and enterprise alike. This information comes from soon to be published research commissioned by

Modulr, which reveals contemporary insight not only into the hard cost of payment processes but the hidden impact on customer experience as well.

 

Myles Stephenson, Chief Executive, Modulr comments: “We are delighted to have been granted an EMI licence by the Central Bank of Ireland. The opportunity for a digital alternative to commercial and wholesale transaction banking is significant as software businesses across multiple industry sectors are identifying the need to deliver new functionality and efficiencies to their customers by embedding payments in customer journeys. We plan to build a truly digital, frictionless payments infrastructure for software platform partners to provide new payment experiences to more than 500m people.

“We believe that our depth of experience in digital payments and API integration makes us the perfect partner for European businesses seeking to transform the way they make, receive and manage payments. Traditional banks face clear challenges in making embedded payments a reality via developer-friendly and seamless APIs.”

 

John Irwin, General Manager, Modulr Europe comments: “The granting of the licence is a significant milestone for Modulr’s European operations in Dublin and ambitions for the European market. Our digital platform and experience can transform the payments business. For too long, European payments have relied on the same technologies.

“We look forward to automating payment flows, embedding payments within customers platforms and enabling them to focus on their core business. This will shore up the hidden inefficiencies prevalent in many payment processes today making payments a competitive advantage.”

Modulr has moved over £40bn for customers including Sage, Revolut and Paxport through its platform which has an uptime of 99.999%.

Modulr provides this scale, reliability, and premium service by investing in its own financial access and achieving principal and direct access to critical payments infrastructure where possible.

 

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EIS INTRODUCES USAGE-BASED INSURANCE SOLUTION THAT UNIFIES PERSONAL AND COMMERCIAL CAR USE FOR CONTINUOUS COVERAGE

Includes Ridesharing Solution Enabling Insurers to Cover Drivers Based on How Far, How Well, When and – Now – Why They Drive

 

EIS, a core and digital platform provider for insurers, today announced the introduction of EIS UBITM, a new Usage-Based Insurance software solution that makes it easy for insurers to price, underwrite, and service drivers based on how far, how well, when and even why they drive. The first iteration of the new offering is EIS UBI for Ridesharing, which bridges the traditional divide between personal and commercial lines and provides drivers with continuous coverage.

“With EIS UBI, we are solving one of the biggest challenges to insurers as consumers increasingly demand coverage tailored to fit their lifestyle, be it infrequent drivers seeking mileage-based policies, safe drivers who want to be rewarded for their good driving habits, or drivers earning income from ridesharing, carsharing, and other commercial uses,” said Joel Yarde, Technology Marketing Lead, EIS. “EIS UBI enables insurers to innovate and deliver products for specific uses, take better advantage of telematics and deliver a great customer experience.”

Through seamless integration of data from a wide variety of telematics and mobile devices, EIS UBI can support multiple models including miles only, driver behavior, change of use, or any combination of these and other factors.

“The pandemic has been a catalyst for the UBI market, as insurers across the size spectrum look to ramp up programs. Programs to support various telematics and usage-based-insurance initiatives, including ridesharing, are becoming increasingly important,” said Mark Breading, Partner, SMA.  “It is vitally important that modern core platforms like EIS offer new capabilities to support these programs.”
Solution for Ridesharing
The first iteration of the new solution is EIS UBI for Ridesharing, which solves the challenge insurers currently face in accurately underwriting and pricing based on “why” the car is in use. Rideshare drivers may cycle through four phases that cross over commercial and personal lines of coverage: off the clock, on the clock waiting for the first customer, pickup and driving to the destination, and on route to the next pickup. However, typical rideshare policies cover only stages with riders in the car.

EIS UBI for Ridesharing enables insurers to provide continuous coverage with accurate rates and premium billing according to each phase of use, whether personal or commercial. Furthermore, it allows companies to embed insurance offers directly into the driver experience through their driver app and enable real-time or near real-time interactions. EIS UBI for Ridesharing is already in use by one insurer to provide quotes and service to drivers of a top three global ridesharing company.

 

Driving Innovation

The foundation of EIS UBI is the powerful and extensive event-driven architecture of EIS Suite that makes thousands of policy, billing, claims and customer management tasks, transactions, and interactions available for creating usage-based insurance products.  EIS UBI is the next generation of usage-based insurance capabilities available in EIS’ PolicyCore policy administration platform.

This enables EIS clients to innovate for a wide variety of scenarios from providing unified coverage for vehicles or equipment used for personal and agricultural use, to public and private carsharing, and commercial fleet.

“EIS UBI provides insurers with the tools to create and deploy usage-based products for today’s sharing economy, and to ‘future proof’ their offering as new models of car usage emerge,” said Yarde. “EIS clients have embraced the capability to create new auto coverages and use EIS UBI as a platform to test-and-learn new product innovations.”

 

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ONGUARD WELCOMES ADRIAAN KOM AS CHIEF COMMERCIAL OFFICER

Onguard, the fintech company dedicated to the order-to-cash process, has today announced it is welcoming Adriaan Kom as its new Chief Commercial Officer. Responsible for overseeing the development and commercial strategies of the business, Adriaan’s appointment strengthens the management team and Onguard’s ongoing commitment to building its market position and international growth within Europe.

 

Adriaan Kom is no stranger to the fintech world. For the past 14 years, he has held various commercial and strategic roles at Onguard’s partner Altares Dun & Bradstreet, including as director of business development and partnerships and general manager of product solutions.   In his career, Adriaan has advised B2B organisations at both national and international level on how to apply optimal data management in the areas of credit management, compliance, fintech, sales and marketing. This wide-ranging experience and eye for innovation makes him the perfect fit for Onguard.

 

Adriaan Kom comments on his appointment at Onguard: “I am delighted to have joined Onguard, given its credentials in the market for being a forward-looking, innovative organisation. I look forward to working with the team to build on the company’s growth. The market is on the move and the strategy we choose to follow will be crucial to future success. My goal is to create a healthy, internationally successful organisation where the customer is central and our employees are proud to be a part of our journey and are rewarded with opportunities to grow professionally.”

 

Marieke Saeij, CEO at Onguard, adds: “I am delighted to welcome Adriaan Kom to Onguard. With his knowledge, experience and customer-oriented approach, I am sure that in the role of Chief Commercial Officer he will realise added value for our customers and contribute to Onguard’s ambition to grow further within Europe.”

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