Plutus And Modulr: New Banking Partner From March 1st (2023)
Plutus and Modulr have announced their new cooperation as a new banking partner, replacing Clear Junction, starting from March 1st, 2023.
Plutus collaborates with several third-party entities, including a banking partner, to offer customers a full range of features. Every Plutus current account is provided and managed by the banking partner. Plutus is now transitioning from its current banking partner, Clear Junction, to a more advanced partner, Modulr.
According to the company, this change aims to offer customers a broader and more dependable range of bank-like services. To accomplish this, Plutus will issue new current account details (i.e., a new UK Sort Code & Account Number or European IBAN) to all existing customers.
This means you will get a new account number soon. In the upcoming weeks, new accounts will be gradually introduced to users via email, push notifications, and in-app messages.
Plutus and Modulr: What do you need to do?
You do not need to do anything! Plutus will do everything for you. Keep in mind that your existing account details will become void upon receiving your new account details. This means that any future deposits to your previous account will bounce, and the funds will be kicked back to your originating bank account.
If your previous Plutus account details are saved in another banking app (e.g., for depositing money to Plutus), remember to replace these with your new account details upon receiving them.
Benefits of the new banking banking partner:
Customers will receive access to the following features instantly:
- Receive payments from third-party accounts (e.g., salary, friends)
- Send payments to third-party accounts (e.g., transfers to friends and family)
Additional new features will be added incrementally this year.
- Standing orders
- Direct debits
- Recurring payment via open banking
- Business accounts
- Metal cards
- Virtual cards
- Apple Pay
- Google Pay