Revolut has tapped Modulr to launch an early salary feature allowing its UK customers to access their pay cheque a day early each month.
The new feature means that Revolut’s customers can access their salaries and all payments made over the Bacs payment scheme a working day earlier than usual. For instance, if they are to be paid on a Monday, people would be able to access their salaries the Friday before.
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According to the challenger, this will be especially useful for customers navigating bank holiday weekends, as well as those struggling financially due to Covid-19. The idea is that customers will have more control over their finances during tough economic conditions.
Nik Storonsky, CEO and founder at Revolut, said: “Early access to salaries could be a genuine lifeline for many during these tough economic times. Our aim is always to provide Revolut customers with services they need and the best possible experience.”
Revolut and Modulr
The challenger has called upon its long-term payments partner Modulr to power the new service. The two companies have worked together since 2017.
Storonsky said: “With Modulr we’ve been able to deliver better services and experiences to millions of UK customers. We’re looking forward to future innovation and to launching many more exciting products for Revolut customers. Now more than ever, our customers across the globe need easily accessible tools to manage their finances proactively and successfully.”
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By GlobalDataAdding to this, Myles Stephenson, CEO and founder of Modulr, said: “Revolut continues to go from strength to strength, as it asserts itself as the go-to challenger for consumers eager to have greater ease, access and control of their money. Utilising our APIs and direct access to the Bank of England, Revolut can offer their customers payments solutions fit for this new normal we find ourselves in – where payments need to be instant, flexible and reliable. Customers accept nothing less now.
“With Modulr’s commitment to payments innovation, the partnership with Revolut is a natural fit. We’re excited to continue our journey with Revolut and look forward to seeing the future innovative releases they bring to market.”
Revolut’s early salary feature comes as the challenger has undergone a series of launches in the last few months. Most recently, the fintech revealed an online Web App for its customers across the globe.
