Tymit, the mobile-enabled instalment credit card, is speeding the way its customers can make payments by partnering with FinTech Modulr, the payments-as-a-service API platform.

Modulr and its payments platform became one of the few non-banks to gain direct access to the Bank of England last year to deliver Bacs and Faster Payments services.

Without the burden of a revolving balance, Tymit users can avoid unnecessary interest and charges with an instalment-based credit card and app. Customers have the power to set their own repayment schedule for individual items, allowing them to spread their costs over three to 36 months.

For most credit cardholders, making repayments to their account is a “major and unfair pain point”, said Tymit. Legacy systems deliver significant delays to the process, meaning payments can take days to clear on balances.

Modulr’s API platform enables Tymit to roll out real-time payments (via the Faster Payments scheme) to all its customers quickly and efficiently.

“This provides them with the transparency and control they need during these challenging times,” said Tymit.

Martin Magnone, chief executive at Tymit, said: “Our partnership with Modulr gives our customer experience a serious boost by allowing us to apply payments in real-time. Tymit users can now make Faster Payments and access an always up-to-date account balance, helping them manage their finances better through improved visibility.”

Myles Stephenson, chief executive at Modulr, added: “We live in a time where instant payments and balance updates are no longer ‘nice to have’, but a necessity that can make a real difference to people’s financial lives and well-being.”

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