Yes, your money is secure. All funds added to your payment wallet are safeguarded for you in your name. This means that your money is protected from any risk associated with Modulr’s or Motorway’s solvency.
The Payment Wallet is an e-money account issued and managed by Modulr. Each account has a unique account number and sort code, and also an IBAN associated with Modulr’s bank identifier code (BIC), either of which can be used to deposit funds. These e-money accounts are provided under Modulr FS Ltd’s licence as an AEMI (FRN: 900573).
For added security you will be sent a one-time security passcode to make sure that only authorised users can initiate payments.
Motorway only partners with FCA-regulated and licensed payment providers to ensure that your finances are safe. Under our Payment Assurance Policy, if we make a mistake we will recover the loss or make you whole.