European Payments

Modulr allows clients to instantly open euro accounts for transacting in euros within the Single European Payments Area (SEPA), consisting of 41 European countries, including several countries which are not part of the euro area or the European Union

To make payments in euros:

1. Create accounts with the currency set as "EUR".
2. Create payments with currency set as "EUR" and the destination type set as "IBAN" with the beneficiary account IBAN provided as the destination identifier. Note there is a limit of €10M per payment.

Modulr participates in the following SEPA payment schemes:

• SEPA Credit Transfer allows for the non-urgent transacting in euros with participating European PSPs, where:
  • Payments are required to reach the beneficiary account within one business banking day from the requested execution date.
  • There are cut-off times for the processing of payments which if missed result in payments being processed the next business banking day.
• SEPA Instant Credit Transfer allows for the instant transacting in euros with participating European PSPs where:
  • Payments are required to reach the beneficiary account within 5 seconds. They will be rejected by the scheme if processing takes longer than 9 seconds.
  • Payments can be made 24/7/365

Inbound Payments

We will receive inbound payments from whichever scheme was used by the sending PSP, either SEPA Instant Credit Transfer or SEPA Credit Transfer.

You can identify which scheme was used for any inbound payments received by the "Type" field of the PAYIN Web hook notification.

Outbound Payments

When you create an outbound payment, if the beneficiary PSP is a participant of the SEPA Instant Credit Transfer scheme, we will attempt to sent via that scheme, otherwise will send via the SEPA Credit Transfer scheme.

The status of outbound payments successfully processed via SEPA Instant Credit Transfers will change to "Processed" within 20 seconds, triggering the sending of the PAYOUT Webhook if you have this enabled.

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Considerations

Payment sent via SEPA Instant Credit Transfer that take longer than 9 seconds to be processed will be rejected by the scheme.

Payments sent via SEPA Credit Transfer will be submitted in batches every 2 hours between 6am and 2pm. Payments created outside these time will be submitted the next working day.