Modulr vs OpenPayd
Modulr
modulrfinance.comOpenPayd
openpayd.comSide by side
| Figure | Modulr | OpenPayd |
|---|---|---|
| Price from | £16.25/mo | — |
| Free plan | — | — |
| Free trial | — | — |
| Open source | — | — |
| Web | Yes | Yes |
| iOS | Yes | — |
| Android | Yes | — |
| API | Yes | Yes |
| Plans published | 12 | 1 |
| Spec score · Banking-as-a-Service Platforms | 8.5 (#4) | 7.1 (#26) |
| Founded | 2016 | 2018 |
| Headquarters | London, United Kingdom | London, United Kingdom |
| Integrations | Modulr's integrations hub connects with more than 20 accounting and payroll systems, including Sage, Xero and BrightPay. | OpenPayd is integrated with Circle Payments Network for near-instant cross-border fiat payments to businesses. |
| Payments | The platform supports instant GBP and EUR pay-ins and pay-outs, CHAPS, Bacs, SEPA and SWIFT payment services. | The platform supports domestic, international, and real-time payments through its global payments network. |
| Regulation | Modulr says it is licensed as an electronic money institution by the FCA in the UK and DNB in the Netherlands. | OpenPayd says its UK fiat services are provided by an FCA-authorised electronic money institution and its Malta financial institution is regulated by MFSA. |
| Security controls | Modulr states that customer portal access uses unique usernames, strong passwords and Twilio Authy multi-factor authentication. | Its security statement describes mandatory multi-factor authentication for logical access and TLS 1.2 or higher for network traffic. |
| Support | The site provides customer support, fraud support and a service status page. | The company says customers can access industry-leading support and describes a dedicated partner assisting clients through their journey. |
| What it does | Modulr automates payroll, supplier payments, collections and other business money flows through portals and APIs. | OpenPayd provides financial infrastructure for businesses to move and manage money globally across fiat and digital assets through one API. |
Plans
Modulr
- Payroll Payments Bronze£16.25 a month
- Accounts Payable and Spend Management Bronze£20 a month
- Bronze£30 a month
- Bundle Bronze£30 a month
- Payroll Payments Silver£67.20 a month
- Accounts Payable and Spend Management Silver£75 a month
- Bundle Silver£110 a month
- Silver£110 a month
- Payroll Payments Platinum£300 a month
- Accounts Payable and Spend Management Platinum£320 a month
In their own words
Modulr
Modulr provides a platform for automating money moving into and out of a business. Its listed products cover payroll payments, accounts payable, spend management and collections. Accounts are available in GBP, EUR and nine other currencies, with local IBANs in GB, NL, ES, FR and IE. The platform supports instant GBP and EUR pay-ins and pay-outs, CHAPS, Bacs, SEPA and SWIFT. Businesses can issue virtual and physical Visa and Mastercard cards, with Apple Pay and Google Pay support; controls include spend limits, authorisation windows and merchant category code settings. Listed integrations include BrightPay, Sage, Xero, QuickBooks, Workforce and Conferma, while Sage Intacct is marked as coming soon. Developers have API documentation, guides and sandbox access. Modulr says it is licensed as an electronic money institution by the FCA in the UK and DNB in the Netherlands. It also states that it is not a bank and that customer funds are safeguarded rather than covered by FSCS. Paid plans are listed at £30 a month for Bronze, £110 a month for Silver and £500 a month for Platinum. The service is available on Android, iOS, web and API.