The fintech, which recently opened an office in Edinburgh, partnered with Newcastle-based Sage to launch the Sage Salary and Supplier Payments tool which it claims will simplify the management of accounting and payroll-related tasks for millions of SMEs. The service, powered by Modulr, allows users to securely process payments directly from cloud accounting products.
It aims to help eliminate manual payment processes, prevent errors and reduce the risk of sensitive data being compromised, while saving users time by automatically reconciling payment data.
Modulr chief executive Myles Stephenson said the partnership addressed the “significant burden created by existing inefficient payment processes”.
He added: “Our fully integrated service provides a fast, easy and reliable alternative to processing payments via traditional business and corporate banking.”
Seamus Smith, executive vice president of global payments and banking at Sage, said: “This will help [SMEs] to save time on administrative processes, take control of the flow of money through the software, improve data security and reduce costs.”