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Modern Treasury was founded with the goal of lowering the barriers for businesses to make and manage payments at scale. We provide every business access to payment operations solutions, and to better serve our clients, we decided to launch the Instant Bank Partners program.

Yesterday, we announced self-serve sign up, an easy and secure way to start moving money within minutes. Here's how we built it.

At Modern Treasury we help companies manage payments at scale and build payment flows into their products. Done right, we believe this can turn payments and treasury into a strategic advantage and unlock incredible new products and customer experiences. 

The process of tying a payment to a transaction is called reconciliation and it is essential for a business to understand how completed and in-progress transactions add up to the cash balance in its bank account. 

If you need to track the complete lifecycle of a payment from the time it is approved and sent to the bank, through completion, you need to reconcile it to a cash transaction. A bank statement is precisely what’s needed: a chronological list of credit and debit transactions with corresponding bank balances at any point in time. 

In October, we shipped support for Signature Bank and added capabilities for collecting SSNs and EINs. We made a number of additional improvements to our platform that we are excited to share.

Modern Treasury has now added support for customers of Signature Bank.

As a category, moving money instantly is often called “faster payments.” Faster payments are defined by three attributes: speed (instant), availability (24x7x365), and confirmation (available to both sender and receiver immediately). And though we think of the United States as a global leader in innovation, when it comes to faster payments, we are lagging way behind. 

In order to pay many types of counterparties, businesses need to collect and track Social Security Numbers (SSN) or Employer Identification Numbers (EIN). This is required in cases where you need to file a tax document, such as a 1099, and can also support compliance and control processes inside your company.

We’re excited to share some of the features that shipped this month at Modern Treasury. In addition to the Events product we shared earlier this month, we have improvements across our platform that benefit the entire payment process.