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Modulr Secures its First-Ever Contract with HMRC for Confirmation of Payee Services
Modulr, a leading digital payment services provider, is today announcing a significant new contract with His Majesty’s Revenue and Customs (HMRC) for the provision of Confirmation of Payee (CoP) services.
Under the agreement, Modulr will continue to protect the security of HMRC’s payments to individuals and businesses through its CoP service, which helps prevent fraud by validating bank account details in real-time with receiving banks and payment institutions.
“This landmark contract demonstrates how modern payment technology can build on public sector services,” says Myles Stephenson, CEO of Modulr. “As the new supplier contracted under the Open Banking DPS framework for CoP services, we’re committed to enhancing payment security and ease for public sector transactions.”
This agreement is a new supplier contract awarded under the Open Banking (Data, Digital Payments & Confirmation of Payee Services) Dynamic Purchasing System (DPS) RM6301 for provision of CoP services, managed by the Crown Commercial Service (CCS). The DPS, available to all UK central government departments, charities, public bodies and organisations, provides a streamlined procurement process with preset contract terms and a range of services that buyers can filter to meet their needs.
In addition to CoP, Modulr has a comprehensive strategy tailored to payments in the public sector. For government agencies, Modulr offers innovative solutions for payroll and accounts payable, combining the use of outbound payments, inbound payments, Open Banking and CoP through its API-first platform. For Local Authorities, Modulr’s solution for social care and benefit disbursements integrates cards, accounts, direct debit and Open Banking – aligning to its ongoing mission of supporting the unbanked and vulnerable populations through accessible payment solutions.
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