Embedded payments platform Modulr has launched its SEPA Instant service to enable real-time payments for businesses in Europe.

Announcing the launch at this year’s Money2020 conference in Amsterdam, the company said its real-time Euro payments service, based on the real-time pan European SEPA Instant scheme, which operates 24/7, settles funds in 10 seconds.

The new service enables customers to build and launch embedded real-time Euro payment propositions via the Modulr API, allowing them to send and receive payments immediately, under their own or Modulr’s regulated status.

By embedding real-time payments directly into software, Modulr said businesses in the European market will be able to deliver efficient and competitive payment propositions more easily.

The solution is aimed at tackling time lags and inefficiencies in payments,with next-day settlement of funds requiring manual intervention.

Modulr said that SEPA Instant’s real-time capability is expected to reshape many traditional payment processes within accounting and payroll, business payments and retail financial services.

SEPA Instant’s is also expected to boost the capability of emerging sectors like crypto, eCommerce and lending.

Marca Wosoba, managing director for Europe at Modulr, said: “We’re increasingly living in an instant economy and historically financial services have lagged behind, holding up European business innovation. But that all changes thanks to SEPA Instant. Now, payments not only keep up with a business’ tech stack but become a competitive advantage in their own right.”

While Modulr said it expects its payment volumes via SEPA Instant to increase significantly compared to the existing SEPA Credit Transfer scheme, the embedded payments platform also expects customers to use SEPA Instant in conjunction with other services.

Wosoba added: “We imagine a world where payments operate 24/7 all year round with no cut-off times. And all accessed via API so businesses can choose to embed within their own software or launch entirely new services and models. This is the world that Modulr wants to build for European businesses and we’re excited to bring our embedded real-time Euro payments service to market.”

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