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Frequently Asked Questions

My bank displays a Confirmation of Payee alert about “Modulr FS Ltd” when I try to make a payment to my credit union.

Who is Modulr FS Ltd (https://www.modulrfinance.com)?

Modulr FS Ltd, or Modulr, is an electronic money financial institution regulated by the Financial Conduct Authority, and is our trusted and secure payments partner which allows your credit union to make or receive payments to and from its customers. As part of the service, your credit union uses Modulr’s sort code, which is why you may see a reference to “Modulr” or “Modulr FS Ltd”.

Why might I see a warning about Modulr FS Ltd? 

Confirmation of payee (CoP) checks whether the name of who you are transferring money to matches the account details. A payee is a term to describe a person or business that you are paying money to. This technological feature is used to help avoid payments to the wrong accounts. It also adds another layer of protection in the fight against fraud and scams.

Modulr is in the process of being recognised by all ‘Confirmation of Payee’ technology, but until then you may get an alert about them when trying to make a payment to one of the credit unions we work with.

What should I do if I get a warning about Modulr FS Ltd?

If you see an alert referencing Modulr FS Ltd when making a payment to your credit union:

  • check you’ve entered the credit union’s account details correctly as they’ve given them to you;
  • even if the details are correct, you may still see the Confirmation of Payee warning. ONLY choose to continue if you are sure you’ve entered your credit union’s account details correctly, as you may not be able to get the money back if the payment goes wrong;
  • if you remain unsure, please call our Customer Services Team on 020 3375 0221. They can provide you with further guidance on next steps. Phone lines are open Monday to Friday 8am – 6pm (excluding bank holidays) 

Please refer to the Take Five to Stop Fraud (https://takefive-stopfraud.org.uk/) campaign for more information on how to protect yourself from fraud or contact us with any queries.

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My Community Finance

Giving savers and borrowers access to ethical lenders such as credit unions through the Community Finance Network. For you. For everyone.

My Community Finance is a credit broker, not a lender. My Community Finance is the registered trading name of Amplifi Capital (U.K.) Limited [Amplifi] with UK company number 08641995 and registered address 30 Churchill Place, Canary Wharf, London E14 5EU. Amplifi Capital (U.K.) Limited is authorised and regulated by the Financial Conduct Authority with FRN 718749. Amplifi Capital (U.K.) Limited is registered with the Information Commissioner’s Office with registration number ZA040320. Amplifi Capital (U.K.) Limited partners with the Community Finance Network; the Community Finance Network is a group of credit unions and CDFIs committed to providing fair and ethical loans. Participating credit unions are authorised by the Prudential Regulation Authority (Bank of England) and regulated by the Financial Conduct Authority. Participating CDFIs are regulated by the Financial Conduct Authority. Their respective details, including registration numbers with both regulatory bodies, can be found on the Community Finance Network website. CCTA Membership Number CCTA1265. 

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