It’s your own account that we use to make payments to you and us, simply and easily.
When you sign up with us, we will set you up with your own borofree salary advance account.
We ask for your salary to be paid into this account. On payday, we will collect any advance owed from your salary, and forward the remainder of your salary to your usual high-street bank account. This whole process is near instant so you will receive your wage or salary payment on the same day as normal.
If you have not used your Salary Advance balance, 100% of your wage or salary payment will flow through to your existing account.
The account is provided by our partner Modulr who are registered with the Financial Conduct Authority (FCA). The FCA requires companies such as Modulr to operate under strict regulation and to Safeguard all client funds. The account has its own account number and sort code.
Safeguarding is different to the capped protection consumers get under the Financial Services Compensation Scheme (FSCS) which offers protection in the event of a failure.
Under FCA rules Safeguarding means Modulr must hold 100% of client funds in a Client Money Account which is protected from any claims relating to the institution’s own solvency. Modulr holds client funds in protected accounts at the Bank of England.
Modulr must also hold a further 2% of the value of client funds (of their own money) to cover any cost of insolvency.
This means that employee funds flowing through a borofree salary advance account (underpinned by a Modulr EMI account) are protected.
Modulr Finance Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register Reference: 900573) for the issuing of electronic money.