As the consumer and B2B online lending market has grown rapidly over the last few years, one of the increasing challenges has become the complexity of managing thousands of client accounts and the payments going in and out on a regular basis.
A new breed of fintech companies has emerged to solve precisely this problem – by providing regulated e-money platforms. One such organisation is Modulr, headed by Myles Stephenson.
Stephenson reports that clients for his platform have historically tried to cobble myriad solutions together, none of which was designed to handle and reconcile individual accounts and payments going in and out on the scale that is now demanded.
He says that Modulr has designed its platform from the ground up, aiming to provide a flexible, scalable solution to this problem. “We’re already seeing significant interest and deployments in the online lending market,” says Stephenson.
“Manual attempts to keep track of confusing volumes of payments within a single bank account are leading businesses to experience pain and frustration. When so many areas of our lives are being transformed by technology there just has to be a better, faster, more value-driven way of doing this.”