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Clean, Concise Reconciliation Keeps DriveWealth Efficient

DriveWealth is a global B2B financial technology platform. The company’s core business is providing Brokerage-as-a-Service, powering the investing and trading experiences for digital wallets, broker/dealers, asset managers, and consumer apps.

Use Cases

Financial Services

Payment Methods



United States

At a glance

  • DriveWealth manages company partner payments at an extremely high volume, making automated payment operations essential. Managing these flows efficiently has become possible with a solution like Modern Treasury.
  • With Modern Treasury, DriveWealth automates withdrawals and deposits at scale, as well as reconciliation, allowing DriveWealth to expand its partnerships worldwide.
  • 95% of DriveWealth’s partner payments flow through Modern Treasury.

About DriveWealth

DriveWealth is a global B2B financial technology platform. The company’s core business is providing Brokerage-as-a-Service, powering the investing and trading experiences for digital wallets, broker/dealers, asset managers, and consumer apps. DriveWealth’s APIs provide the company’s partners with a modern, extensible, and flexible toolkit to develop everything from traditional investment workflows to more innovative techniques like rounding up purchases into fractional share ownership.

DriveWealth’s business model requires high volume money movement capabilities, given the fractional investment opportunities it supports for partners around the world. The company’s growth and success depends on the speed, efficiency, and security of its payments.

In early 2020, having grown considerably, the DriveWealth team was looking to address two payment inefficiencies: suspense account management and challenges with reconciliation. The team chose Modern Treasury as their solution in July of 2020 and went live with payment automation for ACH in under two months.

An image of the DriveWealth app

An example of how DriveWealth’s API can power an investment product

Expert Collaboration for a Smooth Launch

From DriveWealth’s perspective, launching successfully with Modern Treasury in just seven weeks was the product of a strong, collaborative partnership.

Siddhesh Pai Raikar of DriveWealth

“The relationship we've established with the Modern Treasury team has been great from the beginning. There was a lot of collaboration, which was a big part of setting up the integration and learning through the process.”

Siddhesh Pai Raikar, Director of Engineering at DriveWealth

Key members of Raikar’s team who oversaw the implementation of Modern Treasury concur.

“When we use any third-party vendor, a good experience depends on how collaborative the efforts are. With Modern Treasury, the collaboration went well, especially in terms of listening to us and responding to our concerns, ” says Software Engineer Nidhi Desai.

In addition to Modern Treasury’s responsiveness and team approach, DriveWealth engineers working on the integration appreciated the user-friendly product, documentation, and staging environment.

Senior Software Engineer Chintan Shah says, “I have only good things to say about Modern Treasury. The API and the documentation are straightforward and easy to understand, and it's also easy to test in the sandbox environment.”

Overcoming and Outperforming Skepticism

On the operations side, however, the Modern Treasury technology team had to prove themselves. When COO Anthony Ilario initially joined DriveWealth, he wasn’t certain the company needed a new operating system for money movement.

As he shares, “When I got involved about three years ago, the process was already going down a good path, and I thought I was going to be smarter than everybody else and say, 'We don't need a third party. We can do this ourselves. This seems like a waste of time and money.’”

Anthony Ilario of DriveWealth

"The team at Modern Treasury proved me wrong, and I'm happy that they did.”

Anthony Ilario, COO at DriveWealth

From Manual Oversight to Seamless Flows at Scale

Initially, DriveWealth went live with multiple accounts at one bank and one payment rail (ACH). Over time, they added additional banks and rails including wire as well as virtual accounts. The latter solved a challenge the team was facing regarding incoming wire attribution and reconciliation.

By implementing a system with virtual accounts, DriveWealth improved efficiency and accuracy because the team could now manage high velocity flows and distribution programmatically.

To put this in perspective, 95% of DriveWealth’s partner payments flow through Modern Treasury. By using Modern Treasury’s API and their dashboard, DriveWealth can now manage tens of thousands of transactions while receiving tens of millions of dollars in virtual accounts every day.

Lower Risk and Quality Reconciliation for Growth

According to Ilario, working with Modern Treasury helps DriveWealth increase revenue and reduce costs. However, from his seat, the primary benefit of automated payment operations is decreased risk. Modern Treasury brings peace of mind with seamless reconciliation, facilitated by the tool’s extensive metadata framework.

In summary, working with Modern Treasury has helped the DriveWealth team conquer immediate needs and prepare for future opportunities and challenges.

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