Case Study: Modulr
Modulr is the Payments as a Service API platform for digital businesses and can be integrated into any product or system. Once integrated, getting paid, reconciliations and making payments is fully automated and can be managed in real-time, 24x7 through existing software applications. In addition to this there is the opportunity for certain clients to open additional accounts to support their business or via introduced clients. Modulr combines its API enabled platform with authorisation from the UK’s Financial Conduct Authority (FCA) as an Authorised Electronic Money Institution to deliver a regulated service.
Modulr faced several significant challenges. The company needed to fulfill comprehensive regulatory compliance requirements. As a business-to-business (B2B) financial platform, the company needs to conduct a cybersecurity review and ongoing monitoring of its vendors and potential customers. Modulr needed to provide assurance that they have compliance controls in place to protect customer data.
SecurityScorecard’s platform enabled Modulr to accurately review their cyber risk posture. As part of the company’s evaluation process, they compared SecurityScorecard’s security ratings for several vendors to the tool set they used. When they compared the results, they found that SecurityScorecard’s cybersecurity ratings matched the toolsets’ results. Modulr was able to trust SecurityScorecard’s dataset and was pleased that the platform incorporated enough detail for due diligence and provided a historical audit trail.
As a payments as a service API platform, Modulr uses SecurityScorecard to provide assurance to potential customers that they offer a secure, scalable platform. Modulr’s ability to minimize its data from third-party risk enables them to provide a trusted financial service technology to their customers. By using SecurityScorecard, Modulr was also able to decrease operational costs, increase objectivity and reduce human error, streamline the KYC process, and easily scale their questionnaire and evidence exchange process.