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.

Try Plutus (Get €10) Best Crypto Cards

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.

Plutus and Modulr: New Banking Partner (2023)

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

FAQ

Who is Modulr?

Modulr is one of the best-in-class Payments as a Service API platforms. Founded in 2015, Modulr has processed over £200bn worth of payments and their technology powers many of the leading financial services.

What is the process for new customers?

As of 6th February 2023, all new UK sign-ups have been automatically enrolled in the new Modulr-powered accounts. This will be opened up to new EEA sign-ups in the coming weeks. Similarly, existing customers (both UK & EEA) will be migrated across in batches over the coming weeks.

When will you receive the new Plutus account details?

New accounts will be rolled out over the course of several weeks in batches. Which batch you are included in is determined by various factors (card activity, region, etc.) to ensure a smooth transition. When it is time for your account to be migrated, you will be notified. Please check your emails and turn on device notifications for Plutus to avoid missing any messages.

What will happen to your Plutus Card?

Currently, no change. Your Plutus Card details and your Current Account details are two separate things.

Will this resolve slow card top-ups?

Not instantly, however, this is a significant step towards providing instant and 24/7 card top-ups. Read more about slow top-ups here.