Key Points:
- Lifted Restrictions:
- The FCA has lifted the temporary partner onboarding restrictions imposed on Modulr last October.
- Original Order:
- Modulr was ordered to stop onboarding new agent and distributor (A&D) partners due to regulatory concerns.
- Enhancements Made:
- Modulr has made several improvements to its A&D Partner onboarding and oversight processes.
- These changes included extensive internal and external testing and assurance.
- Agreement with FCA:
- Modulr can now recommence onboarding new A&D partners.
- Must provide “prior written notification to the Authority of at least 10 business days” before onboarding any new A&D partners.
- Modulr’s Statement:
- Modulr emphasized its commitment to monitoring A&D Partner regulatory adherence and maintaining high standards.
- Service Offering:
- Modulr enables businesses to integrate payments directly into their platforms without managing the complexities of payment systems or networks.
- Impact:
- This development allows Modulr to expand the reach of its payment services by enlisting new A&D partners to issue electronic money on its behalf.
