Security and fraud protection

Protecting customers from fraud

The security of your money is our top priority. We have a number of anti-fraud measures in place and play an active role in cross-industry organisations working to tackle financial crime, both to prevent fraud at source and to ensure best practices are followed when fraud does occur.

Regulatory compliance, risk management and governance

Our regulatory permissions, approach to risk management and governance structure underpin our business.

We are licensed as an electronic money institution (EMI) in the UK by the Financial Conduct Authority (FCA) and in the Netherlands by De Nederlandsche Bank (DNB). We have passported our Dutch permissions across the EEA and have established branches in Ireland, Spain and France to deliver localised services in these countries.

Security and Modulr Accounts Payable (formerly Nook)

Are my funds safe in an Accounts Payable wallet?

Funds transferred to your Accounts Payable Wallet are held by our financial services provider The Currency Cloud Limited, an FCA-regulated entities.
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Funds are safeguarded by our FCA-regulated e-money partners at a credit institution. These funds are bankruptcy remote from Modulr AP and our financial services providers.

Only you are permitted access to your funds. Modulr AP cannot take any risk with your money, and we can’t lend it out as traditional banks do.

The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (reference number: 900199)

Is Open Banking safe?

Open Banking requires the user to be an authorised account holder by the bank to make payments or transfer funds to your Accounts Payable Wallet.

Further, Open Banking uses Industry-leading security with rigorously tested systems. You’ll never be asked to give access to your bank login details or password to anyone other than your bank.

Lastly, Open Banking is regulated – only products regulated by the FCA or European equivalent regulator can use Open Banking (such as Modulr Accounts Payable).

What security measures does Accounts Payable have in place?

We take security very seriously. Everything we do is about protecting your data and your funds.

Accounts Payable is protected by Industry-leading security with the following features:

• Single-sign-on (SSO) with Xero, Intuit, Sage, Google and Microsoft
• Mandatory Multi-Factor-Authentication (MFA)
• Support for biometric (device dependent)
• Strong passwords enforced
• Fully auditable access logs

Infrastructure Security

• Infrastructure is hosted in Amazon Web Services (AWS Europe), which is accredited to ISO/IEC 27001:2013, SSAE 16 SOC 1, SOC 2 Type 2, PCI Level 1, FISMA Moderate and SOX standards.
• All data encrypted in transit and at rest
• All technical systems undergo regular security reviews, including active penetration testing

How is Modulr Accounts Payable (formerly Nook) regulated?

Nook is a trading name of Payaable Limited (12921042)

Payaable Limited (T/A Nook) is an EMD Agent of The Currency Cloud Limited. Payment and e-money services are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: Stewardship Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorized by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199).

How can I report security vulnerabilities?

If you think you have discovered a problem, please contact us at support@modulrfinance.com. We investigate all reported vulnerabilities rapidly and rigourously.