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What is Modulr?
Modulr Finanace is a Payment Service Provider (PSP), Pento’s third-party partner. Only organisations that are authorised by a financial regulator are permitted to carry out certain payment services including payment transactions. Pento acts as the messenger between our customers and the PSP. We deliver instructions on our customers’ behalf (like who to pay, how much and when). If there are any issues with the PSP, we'll liaise with the PSP on our customers’ behalf.
Similarly, if our customers’ chosen PSP wishes to communicate with our customers about their accounts, we'll liaise with our customers. We also collect anti-money laundering information from our customers on the PSP's behalf.
Pento is the processor for both our customers and their chosen PSP. We carry out their instructions and keep the relationship working seamlessly. The benefit is that our customers only needs one point of contact rather than having to juggle lots of relationships at once.
What are Modulr statements?
Modulr provide us with monthly statements showing your balance and transactions going through on your account to your employees and to HMRC.
How to request them?
Upon request, we can provide these statements by uploading them to a secure Box file dedicated to your company, either as an ongoing monthly request or on an ad hoc basis. Statements are generated at the beginning of each month (for the previous month), and you can expect them to be in your Box file by around the 5th of any given month. Please reach out to our Support team to set this up as either a one-off or an ongoing request.
More information about Modulr
If you’d like to find out more information about Modulr or the relationship between Pento and Modulr, please check out our FAQ page here: Modulr FAQs (pento.io)