Hodge partners with Modulr to provide an enhanced payments experience

We’ve partnered with Modulr, a digital payment specialist, to give our savings customers a market-leading, real-time digital banking experience.

Powered by Modulr, Hodge customers will get a digital banking experience and superior customer service, including the ability to see their balance and payments in real-time for increased control and reassurance. Our customers will also benefit from Modulr’s Confirmation of Payee service, so when a customer sends funds to their Hodge account number, the sending bank will recognise the account as their own.

This is the first time Modulr has partnered with a bank in this way and marks an exciting milestone for both organisations; bringing together the experience of a 56-year-old bank with the digital at-scale technology of a FinTech.

What does that mean for customers?

Katie Johnson, managing director of savings at Hodge, says: “We're dedicated to putting our customers first and focusing on what matters to them. What they've told us is they want greater control and transparency when it comes to their savings, in a fast and convenient way.

"Through our relationship with Modulr, we’re able to provide the ability for customers to see their online payments arrive within their Hodge savings account in real time, rather than hours or days later, giving them increased visibility and reassurance their money has reached us safely. We're also able to provide additional reassurance and security with the Confirmation of Payee service which provides a check on the details of the account that the customer is sending money to, to ensure that the account is genuine.

"We’re continuously gathering feedback from our customers to enable us to improve their experience with Hodge and we’re excited to share some more fantastic improvements in the near future.”

Alex Dunford, change owner for savings at Hodge also comments: “The Partnership between Hodge and Modulr is key to providing our customers with best in class digital experiences, making banking with Hodge as easy and secure as possible.

"Customers want to be able to trust who they bank with and the new confirmation of payee service Modulr provide us should help us build that trust with our customers. We believe this is the beginning of a fruitful relationship and we’re really excited to what the future holds.”

How will it work?

Giving customers more security and transparency, the system works by providing each savings customer with a unique account which is connected to Faster Payments and Confirmation of Payee (CoP). The Hodge platform receives webhooks in real-time when payments are received into the account, allowing us to notify customers immediately.

Modulr is a participant of Faster Payments, which means they can settle directly with the Bank of England. They were the first non-bank or building society to roll out Confirmation of Payee services. Without these services, transfers can take hours or even days and customers receive limited notifications on their payment status. The method can help to alleviate some of the anxiety associated with making large transfers for the first time, and is just one of the many ways we’re working to improve our savings accounts for customers.