Morses Club PLC - non-standard financial services provider - Enters into new supplier relationship with digital payments provider Modulr Finance Ltd. The contract is in relation to the company's Digital division's U Account business which provides e-money accounts, and replaces the relationship with Wirecard Card Solutions Ltd.
Modulr's platform will provide the U Account customers with a payments service, card solutions and customer service. The new service is expected to be available to U Account customers from autumn 2020. Morses also plans to launch new branding for U Account along with the launch of an improved mobile application before the end of the year.
Morses says the superior performance of Modulr's platform, along with the ability to process a larger number of new customers, should allow it to increase its scale in e-money accounts, and leverage the wider suite of Modulr products including payment initiation, visa cards, direct debits and direct access to faster payments and BACS schemes.
"This is another step forward in our strategy to invest in the Group's digital infrastructure, allowing us to cater for our customers' ever-changing needs and provide a high-quality product offering. his relationship marks a significant progression towards achieving scale within the e-money accounts market, providing a bigger pool of customers who can take advantage of Morses Club's other digital products. The launch of revolving and fixed-lending products to our account holders will also be a major step forwards in achieving profitability in the group's digital division," said Morses Club Chief Executive Paul Smith.
Current stock price: 66.20 pence
Year-to-date change: down 52%
By Ife Taiwo; ifetaiwo@alliancenews.com
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