To provide the complete set of features that many of our customers know and love, Plutus works with various third parties including a banking partner. Our banking partner provides and manages your Plutus current account.
Plutus is moving from one of its current banking partners, Clear Junction, to a new and improved banking partner, Modulr. Plutus is making this change so that customers can enjoy a more reliable and abundant range of bank-like features. This means providing all existing customers with new current account details (i.e. a new UK Sort Code & Account Number or European IBAN).
New accounts will be rolled out to users in batches to ensure a smooth transition. Customers will be notified individually via email, push notifications, and in-app messages regarding their new account details over the coming weeks.
What do I need to do?
You do not need to do anything! Plutus will do everything for you behind the scenes.
Your existing account details will become void upon receiving your new account details. This means any future deposits to your previous current account will bounce and the funds will be kicked back to your originating bank account.
If your previous Plutus account details are saved in another banking app (e.g., for depositing money to Plutus), remember to replace these with your new account details upon receiving them.
How does this benefit me?
Customers will receive access to the following features instantly:
- Receive payments from third-party accounts (e.g. salary, friends)
- Send payments to third-party accounts (e.g. transfers to friends and family)
Additional new features will be added incrementally this year.
- Standing orders
- Direct debits
- Recurring payment via open banking
- Business accounts
- Metal cards
- Virtual cards
- Apple Pay
- Google Pay
Who is Modulr?
Modulr is one of the best-in-class Payments as a Service API platforms. Founded in 2015, Modulr has processed over £200bn worth of payments and their technology powers many of the leading financial services.
What is the process for new customers?
As of 6th February 2023, all new UK sign-ups have been automatically enrolled onto the new Modulr-powered accounts. This will be opened up to new EEA sign-ups in the coming weeks.
Similarly, existing customers (both UK & EEA) will be migrated across in batches over the coming weeks.
When will I receive my new account details?
New accounts will be rolled out over the course of several weeks in batches. Which batch you are included in is determined by various factors (card activity, region, etc.) to ensure a smooth transition. When it is time for your account to be migrated, you will be notified. Please check your emails and turn on device notifications for Plutus to avoid missing any messages.
Is the process automatic?
Yes, there is no action required by Plutus cardholders. If you receive your new account details and the old details are saved somewhere (e.g., another banking app), please remember to replace the old account details with the new ones.
What will happen to my Plutus Card?
Currently, no change. Your Plutus Card details and your Current Account details are two separate things.
- Your Plutus Card details (i.e. card number, PIN code, CVV) will remain the same and continue to work as normal.
- Your Current Account details (i.e. Sort Code & Account Number) will change.
Will this resolve slow card top-ups?
Not instantly, however, this is a significant step towards providing instant and 24/7 card top-ups.
Will there be downtime when users switch?
No, users will experience no downtime.
What will happen to my funds?
You will see no visible changes to your account on the front end — the same amount of money will still be present. On the back end, your Plutus Account funds will now be safeguarded by Modulr instead of Clear Junction.
Can you explain the banking partner setup in more detail?
Currently, there are two partnerships that power your Plutus account:
- Clear Junction = Current Account balance
- Solaris (Previously Contis) = Card balance
After this transition, Current Account balances will be safeguarded by Modulr instead of Clear Junction.