Morses Club secures deal to boost its digital infrastructure

Morses Club is a provider of non-standard financial services.Morses Club is a provider of non-standard financial services.
Morses Club is a provider of non-standard financial services.
MORSES Club, the provider of non-standard financial services, today said it had taken another step forward in developing its digital infrastructure.

Morses Club has announced that Shelby Finance Limited, the group's digital division, has entered into a new supplier relationship with Modulr Finance Limited, a digital payments provider.

The relationship relates to the Digital Division's U Account business, which provides e-money accounts, and replaces the company's existing relationship with Wirecard Card Solutions Ltd.

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In a statement, Morses Club said: "Modulr's platform will provide the group's U Account customers with an enhanced payments service, along with a superior customer service experience for their e-money and payment needs.

"The new strategic contract with Modulr will also provide the opportunity for further development of mobile payment and international payment capabilities. Moreover, the group's development of a new biometric onboarding and servicing capability will mean U Account customers will be able to access and operate their accounts more easily and securely than before."

The new service, powered by Modulr, is expected to be available to U Account customers from Autumn 2020.

Paul Smith, CEO of Morses Club commented: "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.

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"Not only will Modulr be a more reliable provider for our U Account customers, but the superior technological capabilities of the platform will allow them to access a service offering not typically available outside of mainstream banking providers. On top of this, the launch of our improved mobile application before the end of the year will enable our customers to increasingly use our services in their everyday lives, deepening our relationship with and understanding of each customer.

"This 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."

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