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Top picks this month

• Modulr Portal | Email MFA to replace Authy Desktop
• Customer Screening | Sanctions
• Modulr Portal | Beneficiary checking

New this month

Modulr Portal | Beneficiary checking

In September, beneficiary checking (Confirmation of Payee) will be added to the Modulr portal. This feature will enable you to validate the accuracy of beneficiary information when creating them. This verification step ensures that the intended recipient aligns with the payment recipient. The service will verify:

• The account holder's name
• Account type (business or personal)
• Sort code
• Account number

If the details you provide match the recipient's bank records, a confirmation message will be displayed. In case of discrepancies, an error message will indicate the issue.
While error messages do not block you from proceeding with the payment, we strongly recommend exercising caution if the details provided differ from the recipient's bank records.

This feature will only be available to customers with the feature enabled. Please reach out to your customer success manager or customer support, for further information.

Customer Screening | Sanctions

This change impacts partners who perform KYC themselves in an Outsourced KYC arrangement.

We have introduced system changes which may impact a very small proportion of new and existing customers onboarded to the Modulr platform.

New Customer Initial Screening

All newly created customers are checked against sanction lists. Any entities that have a potential match will have their verification status set as REFERRED to prevent account creation and transactions.

These cases will be reviewed as a priority and we may reach out if we need further information.

Upon completion of our review, we will update the verification status to either:

• DECLINED – if the sanction match is deemed to be True
• EXVERIFIED – if the sanction match is deemed to be “False Positive”

Only once the customer’s verification status is set to EXVERIFIED can accounts be created for that customer.

To be informed when the verification status of a customer changes, partners should subscribe to the CUSTVSTAT webhook.

Existing Customer Monitoring

All customers are monitored daily against sanction lists. Any entities that have a potential match will have a temporary block placed on their account to prevent transactions.

These cases will be reviewed as a priority and we may reach out if we need further information.

Upon completion of our review, we will either:

• Release the block – if the sanction match is deemed to be “false positive”
• Permanently block - if the sanction match is deemed to be true

To be informed when the status of an account changes, partners should subscribe to the ACCOUNT_STATUS_CHANGE webhook.

Please reach out to your customer success manager or customer support, for further information.

Modulr Portal | Email MFA to replace Authy Desktop

We now also offer Email Multi Factor Authentication (MFA) as an alternative solution to Authy Mobile, for users who do not want to/do not have a mobile device. It replaces the Authy Desktop MFA solution that was retired in July 2024.

Email MFA doesn’t replace Authy Mobile, which is still available and supported.

How it works?

• You can choose Email Verification as an alternative method when setting up your Modulr User.
• Once set up, when completing any MFA protected actions in the Modulr Portal (Such as Payment Approval/Payment creation etc), you will be asked to enter a verification code sent to your email, to approve the action.

Learn more here: Email Verification – Authy Alternative

Please reach out to your customer success manager or customer support, for further information.