Join us for a live discussion on recent bank failures and the importance of resilient payment systems.Learn more
Recon Diaries | Entry IV: Building Better Products
March 21, 2023
The fourth part of our Recon Diaries series digs into the factors that make reconciliation tricky, as well as how a modern solution can help.
Resilient Payment Systems: 3 Things to Consider This Week
March 13, 2023
Given recent events, many companies are thinking about improving the resilience of their payment systems via a multi-bank strategy. This journal digs into three primary considerations for shoring up fund flows right away.
A Message from Our CEO
March 10, 2023
A message from Modern Treasury CEO Dimitri Dadiomov regarding recent events involving Silicon Valley Bank.
How Marketplaces Grow GMV With Modern Treasury
March 9, 2023
Marketplaces need to properly scale payments in order to grow. In this article we explore how implementing best practices in payment operations can directly correlate to volume growth in marketplaces of all kinds.
Articles
Customer Spotlight: Capchase
March 3, 2023
Modern Treasury customer Capchase offers flexible, non-dilutive funding for global B2B subscription-based and SaaS companies. They partnered with Modern Treasury to scale their financing platform using ACH, Same-Day ACH, and wire transfers.
Expanding Support for Global Payments
March 2, 2023
We built Modern Treasury to be the operating system for global money movement. Today, we announce a wealth of new features to help customers launch global products and streamline global processes that move money.
The CFO's Guide to Banking APIs
February 28, 2023
In this journal, find out how banking APIs are powering the future of fintech, and how companies can use them to embed financial services into their products and unlock new growth.
Global ACH Part II: Streamlining International Payment Operations
February 23, 2023
In this second article in our series about Global ACH we detail how finance and operations teams can use this new rail to drive efficiency in global payment operations.
Global ACH Part I: Building Products to Move Money Internationally
February 16, 2023
Global ACH is the newest option for product managers and developers building products that move money internationally. In this article, you’ll learn why integrating with Global ACH is a superior choice for cross-border payment flows.
Real-Time Payments (RTP) for Developers
February 9, 2023
In this journal, we’ll take a detailed look at RTP and how developers can implement it for building products and processes that move money.
Adding Payment Reference Webhooks
February 8, 2023
Customers can now receive webhook notifications when a Payment Reference is added to their payment order, which can help in tracking the status of a payment through its lifecycle.
January Changelog
February 6, 2023
In January, we shipped features including ledger account payouts, block and allow lists, and more.
Expanding Customer Data Visibility with Push to Warehouse
February 3, 2023
We are expanding our Push to Data Warehouse capability to help provide full data visibility into payment operations. In this journal, we explain more about this expansion and detail how customers rely on us as a single source of truth.
How Modern Treasury and Goldman Sachs TxB are Helping Procore Embed Payments
February 2, 2023
Last week, along with Goldman Sachs TxB, we hosted Geoff Lewis, VP of Product at Procore, for an evening event in New York City. In this journal, we recap some themes of the night and look at how the Modern Treasury and Goldman Sachs partnership is enabling Procore to embed financial services.
Welcoming Our Chief Revenue Officer
January 30, 2023
In this journal, Craig Nile traces his journey to becoming Chief Revenue Officer at Modern Treasury and shares his vision for the future.
How to Avoid Check Fraud with Positive Pay
January 25, 2023
Positive Pay is a fraud detection tool for business accounts. This journal digs into how it works and how Modern Treasury can help automate Positive Pay reporting to help mitigate check fraud.
Unlocking Networks: The Present and Future of Embedded Finance
January 24, 2023
In today’s market—and well into the future—embedded finance can unlock huge business potential. Learn why and how in this journal.
How Faster International Payments Work
January 19, 2023
In this journal, we'll discuss two of the fastest options for making cross-border payments from US-domiciled bank accounts and take a detailed look at how they work.
Recon Diaries | Entry III: Check Reconciliation
January 18, 2023
In the third part of our Recon Diaries series, we take a close look at check reconciliation and discuss why it matters.
Countdown to FedNow: What to Expect This Year
January 12, 2023
In this journal, we take a detailed look at what to expect as FedNow prepares for its launch later this year.
How to Scale a Ledger, Part VI
January 10, 2023
In the final part of our series, we explore advanced ledger functions that all global, scalable ledgers need.
November/December Changelog
January 9, 2023
In November and December, we shipped features including scheduled reports, security notifications, international counterparty invites, and more.
How to Scale a Ledger, Part V
January 4, 2023
In the fifth part of our series, we examine ledger guarantees, like immutability and double-entry, and how the API can provide them.
Our Top Reads of 2022
December 23, 2022
A look back on the team's favorite posts and podcasts of 2022.
The Difference Between RTP and RFP
December 22, 2022
In this journal, we cover RFP, its differences from RTP, and the potential it has to influence faster payments adoption in the US.
Recon Diaries | Entry II: Banks are the Enigma
December 20, 2022
In the second part of our Recon Diaries series, we dive into the process of reconciliation and how it's similar to cryptography.
Use Cases for Faster Payments
December 14, 2022
In this journal, we’ll take a closer look at several use cases for faster payments and their applications for businesses, consumers, and government agencies.
How to Scale a Ledger, Part IV
December 13, 2022
In the fourth part of this series, we'll look at how a ledger fits into a modern money movement system.
Recon Diaries | Entry 1: Cash Reconciliation Explained
December 9, 2022
In the first part of this series, we walk through a cash reconciliation example to show best practices and why it matters for the health of a business.
The Keys to Faster Payments Adoption
December 7, 2022
Widespread faster payment adoption hinges on a few key developments. This journal digs into three important drivers for the usage of rails like RTP and FedNow, as well as potential barriers to success.
How to Scale a Ledger, Part III
December 6, 2022
In the third part of this series, we'll look at how Transaction models enable atomic money movement and enforce double-entry.
Building a Culture of Compliance
December 1, 2022
Compliance is a tricky, but vital part of launching a fintech product. This journal covers key takeaways from our webinar on building a culture of compliance.
How to Minimize Faster Payments Fraud
November 30, 2022
The possibilities that faster payments open up are exciting not just for business leaders, but fraudsters as well. In this journal, you’ll learn what makes faster payments fraud tricky and how companies can minimize their risk.
Announcing Compliance Decision Feedback and Compliance Insights
November 29, 2022
We’re excited to announce that our Compliance product now supports Decision Feedback and Insights to further streamline how compliance teams manage and monitor their daily operations.
How Do Faster Payments Work?
November 23, 2022
The payments landscape continues to shift towards speedier, more convenient options. In this journal, we explore how faster payments work in the US.
How to Scale a Ledger, Part II
November 17, 2022
In this second part of the series, we'll look at what it means for a ledger to be immutable and double-entry at the source of financial events.
Interoperability Between RTP and FedNow
November 16, 2022
RTP and FedNow have a lot in common, but they are not the same payment rail. In this journal, we discuss how the two systems can achieve interoperability.
How to Verify Prior Ledger States
November 11, 2022
In this guide, we walk through how to verify prior ledger states by finding the historical changes to a ledger.
How to Scale a Ledger, Part I
November 10, 2022
In the first part of this series, we’re looking at why any company that moves money at scale should have a ledger database as a single source of truth.
Is Your Business Ready for Faster Payments?
November 9, 2022
If only the preparation for instant payments were as delightful as the end-user experience. Alas, readiness for faster payments requires more than a click or two. This journal shares four facets of good planning for real-time payment rails like RTP and FedNow.
The Evolution of Virtual Accounts at Modern Treasury
November 4, 2022
Modern Treasury supports extended functionality for virtual accounts. For each virtual account, you can now track balances, retrieve a list of transactions, and originate payments directly.
Why Use a Managed Ledger
November 3, 2022
In this article, we discuss the benefits and drawbacks of using an external ledger service.
Why Faster Payment Rails Are Game Changing for US Payments
November 2, 2022
Faster payment rails like RTP and FedNow are about to remake domestic money movement. This journal explores how faster payments are different and what the near future could look like.
Mapping Your Card Program’s Fund Flows: A Conversation with Lithic
November 1, 2022
Managing fund flows and ledgers for card programs can be tricky. Here are four takeaways from a recent webinar with Lithic focused on the fundamentals.
Building and Scaling a Ledger: Our Interview with Tom Taubkin
October 26, 2022
Recently, we sat down with CEO and Founder of Boosted Technologies, Tom Taubkin, to discuss the challenges and best practices for building and scaling a ledger database. This is what he had to say.
Accounting for Developers Part III: Building a Lending Marketplace
October 20, 2022
In this follow-up to our accounting for developers series, we explore the ins and outs of building a ledger to power a lending marketplace product.
Best Practices for Payment Operations
October 19, 2022
In this journal, we look at best practices for managing payment operations, namely, building a payments ecosystem to enable transactions and building out the back office to manage the complexities of high volume payments.
Why Payment Operations Should Be Part of Your Fintech Stack
October 18, 2022
Payment operations are central to an efficient, modern fintech stack. Read more about the business challenges and opportunities money movement technology presents.
Welcoming Our Head of Growth
October 14, 2022
This summer, Laura Levy, our new Head of Growth, joined the team. In this Behind the Scenes journal, she shares the career journey that led her to Modern Treasury.
The State of Payment Operations in 2022
October 11, 2022
Our second annual payment operations report is overflowing with notable data about the state of money movement. Read on for key takeaways and a peek at the numbers for 2022.
How Companies Launching Card Programs Use Modern Treasury
October 6, 2022
When starting a card program for your business, there are a lot of factors to consider. This journal digs into how Modern Treasury streamlines the process.
Real-Time Payments, A Generational Shift
October 5, 2022
RTP has launched, and FedNow is on the horizon; faster payments in the US are becoming a reality and changing the way we think about money movement.
The Cost of Payment Operations
September 28, 2022
What is the cost of payment operations and why do the right investments matter? Read on to learn more.
Announcing Intra-Bank Payments
September 27, 2022
Today, we're launching Intra-Bank Payments, allowing customers to process payments without using interbank payment networks when they bank at the same financial institution.
Payment Operations Are Not Just for Fintechs
September 21, 2022
Every business has some sort of payment operations workflow in place. As more businesses embed payments into their products, the need for better, automated payment operations is growing beyond fintech.
FedNow is Our Chance at Real-Time Payments: A Conversation with Sam Aarons
September 19, 2022
Our Co-founder and CTO, Sam Aarons, was on a FedNow steering committee. In our conversation, he shares why its launch next year is so significant and why he’s excited about it.
Announcing Our Partnership With Goldman Sachs Transaction Banking
September 15, 2022
Today we’re excited to announce Modern Treasury’s partnership with Goldman Sachs Transaction Banking (TxB).
Money Movement Matters: A Case for Payment Operations
September 13, 2022
Payment operations are the workflows surrounding money movement. This journal digs into the nuances and evolving significance of effective payments technology.
Announcing Multi-Currency Support for Ledgers
September 8, 2022
Ledgers can now hold accounts with multiple currencies, and a single ledger transaction can span many currencies.
A Short History of Ledgers
September 7, 2022
The history of ledgers is more intriguing than you might think. This journal traces notable moments in the evolution of immutable, double-entry, and scalable ledgering.
August Changelog
September 1, 2022
In August, we shipped several new updates including a new payment order create experience, a payment order timeline, ledger account categories, and more.
8 Things to Know When Building a Compliance Program
August 31, 2022
Building a compliance program can be tricky. This journal covers eight important questions related to financial compliance and fraud prevention.
How and Why Homegrown Ledgers Break
August 30, 2022
Companies that move money at scale need a ledgering system that can flex with them, and often homegrown ledgers cannot keep up with the needs of scaling. This journal looks at why, and the alternative solutions for fixing a "broken" ledger.
Accounting For Developers, Part II
August 24, 2022
In this second part of our two-part series, we build a ledger for a Venmo clone by applying the accounting principles we learned in Part I.
A Checklist for Bank Due Diligence
August 23, 2022
Any company that wants to work directly with a bank must successfully complete the bank due diligence process. This Journal provides an actionable checklist for companies preparing for this process with a bank partner.
Key Differences Between ACH and Cards
August 18, 2022
Understanding the differences between ACH and card payments is a strategic necessity for businesses looking to scale. This journal digs into key distinctions and selection criteria for making the best choice.
Accounting For Developers, Part I
August 17, 2022
In this first part of a two-part series, we walk through basic accounting principles for anyone building products that move and track money.
How to Think About Ledger Balances
August 16, 2022
We recently shipped three new features that let you build a better Ledger faster: Available Balances, Balance Aggregation, and Ledger Accounting Categories. This journal details the benefits of each.
Shifting Our API's Pagination Method: From Offset to Cursor-Based
August 15, 2022
Earlier this month, we migrated from offset pagination to cursor-based pagination for our API. In this journal, we walk through the basics of these methods of pagination and why we’re making this switch.
Customer Spotlight: Manufactured
August 12, 2022
Modern Treasury customer, Manufactured, is streamlining manufacturing solutions for consumer brands. They partnered with Modern Treasury—integrated with JPMorgan Chase Bank—to build their scalable, cross-border payments solution.
What are Third-Party Payments and Why Do They Matter?
August 10, 2022
As more companies are embedding payments into their products, payment flows are changing. More than traditional accounts payable and receivable, or first-party payments, there are now third-party payments, where businesses move money on behalf of customers. This post looks at these two payment flows and why they matter.
Don't Leave Money on the Table: Why Banks Should Partner with Fintechs
August 9, 2022
As fintech continues to create value through expanded access to financial services, banks have the opportunity to partner to provide better product support and customer experiences.
Announcing Support for Cross River
August 5, 2022
We now support customers of Cross River to send and reconcile ACH transactions, with support for additional payment rails.
Expanding Our Partnership with BankProv
August 4, 2022
We're excited to expand our partnership with BankProv to include support for their payments and banking APIs.
Guide to Partnering with a Bank
August 3, 2022
In this guide, we outline key considerations for customers who are thinking about partnering with a bank, including whether to sit in the flow of funds, how to select a bank partner, and what goes into establishing a banking relationship.
Three Key Learnings from the Alternative Financing Panel
August 2, 2022
On Thursday, along with Rutter, we hosted a discussion to learn about alternatives financing. Here are three key learnings from our panel.
How to Handle Concurrent Transactions
August 2, 2022
To prevent a double-spend situation, your ledger needs to be able to record transactions that are conditional on the state of an account balance or account. The Ledgers API now supports account balance locking to make it even easier to handle concurrency in your ledger.
June/July Changelog
August 1, 2022
In June and July, we shipped features such as historical balance reports, a banking holiday banner on the web app, and more.
Announcing the Compliance Sandbox
July 22, 2022
We’re excited to announce that Compliance is now available in Sandbox mode.
How Modern Treasury Can Support Banks
July 21, 2022
With the internet providing increasingly new ways to distribute and interact with financial products, the banking industry is losing ground to new fintech entrants. Modern Treasury can provide the software to help banks compete. In this journal, we take a look at the opportunity that exists for us to work better together.
Software is Changing Payments and Banks Should Care
July 19, 2022
Software-integrated payments are fast-becoming the new normal. In this journal, we look at how software infiltrated the payments space, how it enables better experiences, and why this matters.
What are the Costs of Sitting Inside or Outside the Flow of Funds?
July 14, 2022
Whether a business chooses to sit in the flow of funds depends on a number of factors. This journal looks at the cost implications of being inside or outside the flow of funds.
How Modern Treasury Onboards a New Bank Partner
July 12, 2022
When Modern Treasury onboards a new bank partner, we are building a relationship—with both the people and the software—to the financial institution used by our customers. This journal looks at the consideration and work that goes into establishing a bank partnership.
Four Questions to Consider When Designing a Marketplace Solution
July 7, 2022
When building a marketplace solution, there are many considerations for how to structure payments to streamline operations. This journal looks at four questions to keep in mind when designing marketplace payment flows.
Better Together: Our Approach to Bank Partnerships
July 6, 2022
Bank partnerships are a core part of our offering. This journal looks at the mutual benefits of the partnership between banks and Modern Treasury.
Edge Cases in Complex Payment Operations
July 1, 2022
Payment operations is complicated. Technical challenges can arise for myriad reasons. This journal details one edge case that we dealt with recently, how we responded, and what we're doing to ensure it doesn't happen again.
What We Learned at Smarter Faster Payments 2022
June 30, 2022
Earlier this month, we sponsored and attended Nacha's Smarter Faster Payments conference in Nashville. This journal takes a retrospective look at our time at the event and highlights our key takeaways.
How Risky is Sitting in the Flow of Funds?
June 29, 2022
When a business sits “in” the flow of funds, it means that money will, at some point, pass through the business’ bank account. This primer digs into funds flow models and the risks and benefits associated with sitting in the flow of funds.
Why Marketplaces Should Sit in the Flow of Funds
June 29, 2022
Modern marketplaces need to consider how to design payment flows to move money between buyers and sellers. In this journal, we outline why it can be beneficial for the marketplace to be directly in the flow of funds.
Key Learnings from our Compliance Panel with Nacha
June 27, 2022
Earlier this month, we co-hosted a panel with Nacha about how to mitigate fraud on the ACH network. This journal details some of the key findings from that conversation.
April/May Changelog
June 20, 2022
In April and May, in addition to our new Compliance product, we shipped several new updates including ledger dashboard improvements, exporting payment approval queues and bulk imports, and more.
Additional Support for Signature Bank
June 20, 2022
We have expanded our integration with Signature Bank to support incoming and outgoing ACH payments.
Customer Spotlight: C2FO
June 14, 2022
Today, Modern Treasury customer, C2FO, announced their new CashFlow+ Card. They chose to manage the payment operations of their new card with Modern Treasury's Payments and Ledgers products.
What to Expect with a Payment's “Effective Date”
June 9, 2022
Modern Treasury uses a field called "Effective Date" to represent the date of a payment. This journal takes a look at payment timelines and why the Effective Date does not mean date of transmission.
What Happens When You ACH a 'Debit Blocked' Account?
May 20, 2022
Nacha has over 80 codes for ACH returns. In this primer, we look at the ACH return that happens if you debit a blocked account and other common ACH return codes.
Announcing Push to Data Warehouse
May 13, 2022
Today we're launching early access to our Push to Data Warehouse feature: connect your data warehouse, and receive up-to-date Modern Treasury data every 15 minutes.
How Tech Forward Banks Made Nacha’s Top 50 Originators List
May 12, 2022
Last month, Nacha released their top 50 ACH Originators, which included some surprisingly small financial institutions. In this By The Numbers journal, we dig into how tech forward banks are pursuing new strategies for revenue growth, enabling them to compete with bigger banks.
How To Send an ACH Payment Internationally
May 11, 2022
Sending money internationally can be complicated. This post explains how to use ACH rails to send money abroad, using the International ACH Transaction (IAT) specification and the FedGlobal ACH program.
Add Bank of Montreal Support
May 10, 2022
We now support customers of Bank of Montreal moving money via US and Canadian payment methods.
Why We Built Compliance
May 4, 2022
We recently announced our Compliance product to make it easier for companies to build and manage compliance and fraud programs. In this BTS Journal, we share why we built it.
Announcing Our New Compliance Product
May 2, 2022
Today we’re pleased to announce the early access release of Modern Treasury Compliance, an Anti-Money Laundering (AML) compliance and fraud detection product.
Welcoming Our Head of Marketing and Communications
April 29, 2022
In this Behind the Scenes, Julie Mullins, our new head of marketing, discusses her experience in category creation and shares what brought her to Modern Treasury.
Welcoming Our Head of Brand
April 29, 2022
Frank Chimero, our new Head of Brand, shares his thoughts about the changing nature of money and how that brought him to Modern Treasury.
How Do Core Banking Systems Work?
April 28, 2022
Core banking systems revolutionized the way we manage money. In this Payments Primer, we dig into how they work and how they compare to modern day payment solutions.
Managing Embedded Payments with an Application Ledger
April 25, 2022
In this Guide, we discuss how companies that facilitate payments of any kind can use a ledgering database to track balances and transactions at scale.
What is the Difference Between Fiat and Cryptocurrency?
April 20, 2022
Cryptocurrency is rising in popularity and becoming more mainstream. In this post, we dig into the differences between cryptocurrency and fiat money.
Managing Programmatic Payouts with an Application Ledger
April 14, 2022
A look at how you can use an application ledger to keep track of balances and transactions on your platform and build programmatic, instant payouts.
Best Practices for Setting up a Robust Approvals System
April 13, 2022
Businesses seeking to optimize their payments operation strategy need a robust approvals system. This guide walks through what to consider when creating one.
March Changelog
April 7, 2022
This March, we shipped several new updates including added support for customers at Wintrust Bank, custom table columns, bulk import views, and more.
A Streamlined Approach to Payments: How CEO of Ancestry, Deborah Liu, Revolutionized E-Commerce
April 1, 2022
President & CEO of Ancestry, Deb Liu revolutionized e-commerce. In our Coffee Break discussion, Deb offers a framework for strengthening your payment operations.
How Do Businesses Send and Receive Checks?
March 31, 2022
Despite all the digital payment options, many businesses still rely heavily on paper checks. In this post, we walk you through what check processing is and how it works.
Welcoming SVB Capital and Salesforce Ventures
March 30, 2022
Today, we’re excited to announce the $50M second close of our Series C and welcome Salesforce Ventures and SVB Capital to the growing Modern Treasury family.
How Incoming Payment Details Work
March 25, 2022
We have tools to make managing your financial transactions simple and straightforward. One of those tools is our notification of the details of an incoming payment.
5 Lessons in Leadership: A Conversation with VP of Client Success at Indeed, Diane Melchionne
March 21, 2022
Recently, we hosted a Coffee Break with Indeed’s VP of Client Success for the Americas region. Here's 5 lessons in leadership she shared with us during our conversation.
The Difference Between Settlement and Clearing and Why it Matters to Banks
March 17, 2022
Settlement and clearing systems are an important component of modern payment operations. In this post, we walk you through the important distinction between the two.
What are Interchange Fees and How do They Work?
March 14, 2022
In April, Visa and Mastercard will raise interchange fees – the fees set by the networks to determine how much merchants must pay to accept consumer cards.
Network Security at Modern Treasury
March 10, 2022
Security is a priority for our customers and key feature of our products. Here are recent examples of our continuing approach to delivering on hardened network security.
Add Virtual Accounts and ProvXchange Support at BankProv
March 7, 2022
We have now added support for Virtual Accounts for Wires at BankProv. We have also added support for ProvXchange at BankProv.
February Changelog
March 7, 2022
This February, we worked on several projects to create more features and enhance our product offerings. Here is what shipped in the last month.
Why Chargebacks Look Different Depending on the Payment Rail
March 4, 2022
Most consumers are familiar with chargebacks as they happen with credit cards. This post will help you understand chargebacks across different payment rails.
Changes to the SWIFT Network
March 2, 2022
SWIFT is making headlines due to the ongoing Russia-Ukraine conflict. This post explains what SWIFT is and what changes are currently taking place.
Announcing NACHA Preferred Partner Program
March 1, 2022
Modern Treasury’s selection to join NACHA’s Preferred Partner Program endorses our endeavors to support the ACH network and continue as the leader of payment operations.
How Do Interbank Settlement Networks Work?
February 22, 2022
In this post, we explore how interbank settlements work, why they are used, and what happens to transactions at cutoff or if there is a system outage.
What is the Difference Between ACH Returns and Reversals?
February 20, 2022
It can be difficult to understand the difference between ACH returns and reversals. This post digs into similarities and differences between each.
Why Do Banks Impose Cutoffs?
February 18, 2022
In this By the Numbers Journal, we provide a definition of cutoff times, explain why they’re crucial, and explore how they might affect business money movement.
How to Set Up Payments for Your Startup
February 16, 2022
Startups depend on the function of money movement and how well it can scale up with the business. The process of setting up payments begins with a few key steps.
The Ledger Transaction Status
February 10, 2022
It can be challenging to differentiate between money that’s in flight and settled. Ledger transactions have a status field that can help with this.
Welcoming Our Head of Customer Success
February 9, 2022
Preet Narisetty joined the team as Head of Customer Success, and in this Behind the Scenes journal he shares his story and reasons for joining Modern Treasury.
Welcoming Our Head of Engineering
February 8, 2022
Last month, Shruthi Murthy joined the team as Head of Engineering, and in this Behind the Scenes journal she describes what drew her to Modern Treasury.
Welcoming Our Head of Legal
February 8, 2022
Last month, Derek Schwede joined the team as Head of Legal, and in this Behind the Scenes journal he dives into what led him to Modern Treasury.
January Changelog
February 1, 2022
This month we shipped new updates including failed payment order notifications, duplicate payment order detection, and a dedicated dashboard for external accounts.
New NACHA Rule: Nested Third Party Sender
January 27, 2022
On September 30th, NACHA is instituting a new rule that will address third-party senders that are direct customers of other TPSs and provides requirements for when a TPS must conduct a risk assessment.
How Insurance Companies Use Modern Treasury
January 13, 2022
Managing payment flows within an insurance company can be difficult. In this article, we share how insurance companies can use Modern Treasury to help with three common payment operations challenges.
What's the Difference Between a Financial Ledger Database and a General Ledger?
January 6, 2022
It can be hard to understand the difference between general ledger software and a financial ledger database. This post explains each system and when your company might need one or the other.
December Changelog
January 5, 2022
This month we shipped new updates including support for creating internal bank accounts in the sandbox, the ability to view incoming payment details and link reversals to ledger transactions.
Add HSBC Support
January 5, 2022
We have now added support for HSBC customers in the United Kingdom.
Our Top Reads of 2021
December 22, 2021
Modern Treasury’s favorite posts and podcasts of 2021.
Enforcing Immutability in your Double-Entry Ledger
December 14, 2021
Immutability is one of three core principles to adhere to good engineering and accounting principles.
Three Questions to Consider When Setting Up Ledgers
December 8, 2021
For those considering using Ledgers to build a reliable transaction database, this journal discusses the 3 most common questions existing customers have asked.
November Changelog
December 1, 2021
This month we shipped new updates including improved bulk imports, support to filter by return type, and naming approval rules.
Opening the San Francisco Office
November 24, 2021
This September, we opened our San Francisco office, a milestone moment on the journey to building a company.
Key Learnings from our Panel Discussion with SVB and Settle
November 19, 2021
With SVB and Settle, we participated in a panel about Scaling Payment Operations. This journal digs into some key points from the discussion from what payment operations are to how to evaluate a payments solution.
The State of Payment Operations in 2021
November 16, 2021
This year, we conducted the first State of Payment Operations survey. This By The Numbers journal talks through some of the key survey points and the case for modernizing payment ops.
The Making of Our First Brand Video
November 12, 2021
Last month, Modern Treasury unveiled our first brand video. This Behind the Scenes journal digs into how we made it, from pre-production to post.
Why We Built Ledgers
November 8, 2021
We recently announced Ledgers, our new product that helps businesses manage their books. Here's the story behind why we built it.
Announcing Support for Signet Network
November 5, 2021
Modern Treasury has added wallet support to our Internal and External accounts to allow customers to view transactions, balances, and originate payments on the wallet’s network.
October Changelog
November 1, 2021
This month we shipped new updates including bulk imports for expected payments, a currency filter for payment orders, and linking ledger transactions to expected payments.
How We Built Virtual Accounts
October 28, 2021
On Tuesday, we announced Virtual Accounts, our new product that helps automate payment attribution. Here's the story behind how we built it.
Announcing Virtual Accounts
October 26, 2021
Today we're excited to announce the launch of Virtual Accounts, which helps businesses automate how payments are attributed and reconciled.
Expanding our Partnership with Plaid
October 21, 2021
We’re excited to share that Modern Treasury is joining the Plaid Payment Partner Ecosystem.
Automating Payouts: How to Evaluate Payments Solutions
October 14, 2021
Businesses that move money eventually need a solution for how to handle payouts for their products and services. In this guide, we’ll describe the key factors to consider when choosing a payments solution for automatic payouts at scale.
Announcing Our Series C
October 6, 2021
Today, we’re excited to share that we’ve reached another milestone on the road to building an enduring and valuable company: we raised an $85M Series C. The new financing values the company at over $2B.
September Changelog
October 4, 2021
This month we shipped new updates including support for check processing in the sandbox, linking ledger transactions and incoming payment details, and a beta version of reporting.
How do Money Transmission Laws Work?
September 28, 2021
This is an overview of current laws for money transmission, the rationale behind them, and regulations and exemptions to needing a money transmitter license in the US.
August Changelog
September 1, 2021
This month we shipped new updates including support for testing failed payments in the sandbox, search capability for "other" payment types, and virtual accounts for Wells Fargo.
Add BankProv Support
August 30, 2021
Modern Treasury has now added support for customers of BankProv.
How Neobanks Can Use Virtual Accounts
August 18, 2021
A virtual account doesn’t hold any funds, despite having a unique account number and can perform payments as physical accounts. They can be a popular solution for neobanks to scale payment operations and manage large transaction amounts.
Designing the Ledgers API with Optimistic Locking
August 15, 2021
Optimistic Locking is a control method that assumes multiple transactions can complete concurrently without conflict. We built our ledgers API with concurrency control semantics to better manage transaction volume.
Why are Lockboxes Still Popular?
August 5, 2021
Despite the availability of electronic payments, paper checks remain a popular payment method. This primer details why lockboxes remain a beneficial way of managing paper checks for businesses.
July Changelog
August 2, 2021
This month we shipped several new updates including permissioning updates for better risk control, RTP automatic payment retries, and sandbox testing for processing originated returns.
How Marketplaces Use Modern Treasury
July 29, 2021
Marketplaces are a growing industry, and their payment operations can get increasingly complex. This guide explores the ways Modern Treasury can help streamline processes for all types of marketplaces as they scale.
Modern Treasury on the Acquired Podcast
July 18, 2021
A few months ago we conducted a reverse interview with one of our favorite business podcasts: Acquired. Today, we’re excited to share it.
How Does Bank Onboarding Work?
July 12, 2021
The bank onboarding process can be long and confusing. In this guide, we hope to demystify the process and help you go live with your bank faster.
Add MetaBank Support
July 9, 2021
Modern Treasury has now added support for customers of MetaBank.
June Changelog
July 1, 2021
In June, we shipped several new updates on our dashboard, such as notifications for approval rule changes, configuration options for NetSuite integration, in-dashboard support for international accounts, and more.
When and How to Set Up an FBO Account
June 29, 2021
An FBO account is a custodial account that lets a company manage funds on behalf of, or “for the benefit of” their users without assuming legal ownership of that account.
Announcing Ledgers
June 14, 2021
Today we're excited to announce the launch of Ledgers, an immutable double-entry product ledger that makes it easy for businesses to record financial transactions.
Adding Santander Bank Support
June 10, 2021
Modern Treasury has now added support for customers of Santander Bank.
The Fastest Ways to Send a Payment
June 9, 2021
When moving money, you have options when it comes to making fast payments. In this payments primer, we explore the fastest ways to make a domestic payment in the United States.
Why Are Wire Transfers Expensive?
June 3, 2021
Even though wire transfers are the most expensive payment type, they remain one of the most utilized payment methods. This primer explains what wire transfers are, wire payment timings, and what makes this method so costly.
May Changelog
June 1, 2021
In May, we shipped several new updates on our dashboard, such as our new organization switcher for businesses who manage more than one organization, a new billing page to track all aspects of your account, and support for virtual accounts at Increase.
Will RTP and FedNow Adoption Lead to Increased Payment Volume?
May 20, 2021
The rise of newer and faster payment methods like RTP and FedNow will enable businesses to move and settle money more quickly, driving adoption. This journal explores whether the U.S. will see increased payment volumes as adoption grows across large and small financial institutions.
Announcing Our Partnership with Silicon Valley Bank
May 13, 2021
We are excited to announce our first formal bank partnership with Silicon Valley Bank.
Pausing Webhooks
May 6, 2021
We released a new feature that allows Modern Treasury customers to pause webhook endpoints while performing maintenance.
How to Build a Digital Wallet Product
April 29, 2021
Digital wallets are some of the most widely-used financial products today. This guide describes the bank and payments infrastructure underlying digital wallets and how you could build one using Modern Treasury.
Add Bank of America Support
April 26, 2021
Modern Treasury has now added support for customers of Bank of America.
Announcing Our First $1B Month
April 21, 2021
Today, we are excited to announce that Modern Treasury reconciled over $1B in payments for our customers last month, a compound monthly growth rate of 37%.
Adding Global Payouts
April 19, 2021
We have added Global Payouts, enabling our customers to make multi-currency international payments through our API and web app.
Routing Number API
April 15, 2021
We've released a new feature that allows customers to verify routing numbers using a new API endpoint.
Complying with Nacha’s New WEB Debit Rule
April 8, 2021
On March 19, Nacha made effective a new rule which strengthens the requirements for originators of WEB debits. In an attempt to curtail fraud, the rule requires companies to validate new accounts. Though it won't be enforced for a year, it's important to know about the rule change so your company can remain compliant.
Announcing Support for ACH Prenotes
April 5, 2021
Modern Treasury now supports sending ACH prenotes as a way to validate account and routing information.
What is Double-Entry Accounting?
March 24, 2021
When maintaining your books, there are a number of accounting methods you can use to keep track of your company’s financial information. One of them is double-entry accounting. What is it, and when should it be used?
What Happens When the Fed Goes Down?
March 19, 2021
The Federal Reserve (“The Fed”) promotes the stability of the financial system, including playing an important role in maintaining the integrity of the US payments system. What happens when the FedACH, FedWire, and National Settlement Service are offline?
Add Sutton Bank Support
March 11, 2021
Modern Treasury has now added support for customers of Sutton Bank.
Add ACH Reversals
March 2, 2021
Today we’re happy to share that we’ve released a new ACH Reversals feature in our Payments product. ACH Reversals lets you reverse an ACH payment you initiated with the click of a button or an API call.
A Beginner’s Guide to Payment Operations
February 20, 2021
Payment operations are the workflows that move money for companies, from payment initiation and processing approvals, to reconciliation and managing transaction issues.
Bad Software and Expensive Mistakes
February 18, 2021
A story about a $900 million mistake, bad software, and good people. This case goes to the heart of why we started Modern Treasury.
Reflecting on My Internship
February 16, 2021
These past five months, I’ve had the opportunity to intern at Modern Treasury and wanted to reflect on my experience here.
Why is Our Bank Asking About Compliance?
February 11, 2021
A regular source of frustration for startups who move money for customers is trying to understand the rules that banks impose on those clients they deem to be third party senders (TPS), or as banks call them, third party payment providers (TP3’s). A third party sender is a company that uses its own bank account to make or receive payments on behalf of its customers or users.
Add Custom Processing Windows
February 1, 2021
We released a new feature that allows Modern Treasury customers to add custom processing windows in addition to our default processing windows for all supported payment types.
How to Build an Escrow Product
January 21, 2021
Escrow is a payment setup where the payer sends funds to a third party rather than directly to the payee. If certain conditions are met, the third party routes the funds to the recipient; if not, the funds get returned to the sender. Escrow is particularly useful for high value payments because the payer can rely on the escrow provider as a responsible intermediary of the funds.
Announcing Our Series B
January 12, 2021
There are many important moments along the journey of never-ending work it takes to build an enduring and valuable company. Today we’re excited to share that we’ve reached another stepping stone on that path: we raised a $38M Series B financing led by Altimeter Capital.
Our Top Reads from 2020
December 30, 2020
2020 was a year like no other. To fill all that time at home, we consumed a lot of content. So what caught our eye in 2020? Here are our favorite posts from the year.
Which Bank Partner is Best for You?
December 10, 2020
Last week, we announced support for self-serve sign up. When signing up, customers can now pick between three options for bank connection: Instant Bank Partners, Supported Bank Partners and Custom Bank Partners.
Announcing the Instant Bank Partner Program
December 3, 2020
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.
How We Built Self-Serve
December 2, 2020
Yesterday, we announced self-serve sign up, an easy and secure way to start moving money within minutes. Here's how we built it.
Modern Treasury is Now Self-Serve
December 1, 2020
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.
What is Automatic Reconciliation?
November 23, 2020
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.
How Do Banks Report Balances and Transactions?
November 13, 2020
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.
October Changelog
November 5, 2020
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.
Add Signature Bank Support
October 23, 2020
Modern Treasury has now added support for customers of Signature Bank.
Real Time Payments Around the World
October 22, 2020
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.
Add Support for Collecting SSNs and EINs
October 16, 2020
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.
September Changelog
October 7, 2020
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.
How Customer Support Teams Use Modern Treasury
September 30, 2020
This is where two goals can sometimes come in conflict: responding to customer requests as fast as possible, and managing the financial controls around payments. So we’ve built tools for a customer support team to get access to the information they need while creating flexible controls to ensure a business is safe and protected.
Fintech is Not New
September 24, 2020
There’s a myth going around now that fintech is a new industry, poised to take over, and that now that it’s here, every company will be a fintech company. In reality, though, fintech is just as old as "tech." For as long as engineers and entrepreneurs have been coming up with new technology amongst the hills of Cupertino and the orange groves of Mountain View, there have been fintech entrepreneurs right amongst them. And in many instances, the two groups have utilized the same technology advances to push the world forward.
What is Direct Transmission?
September 15, 2020
When evaluating options for payment processing, one option to consider is working directly with your bank. The term for this setup is called “direct transmission.”
Events
September 11, 2020
Events are how we model important state changes within the Modern Treasury system. When a state change event occurs, we create an Event object.
Announcing Our First $100M Month
September 3, 2020
Today, we are excited to announce that Modern Treasury reconciled over $100 million in payments for our customers last month. This milestone comes after compound monthly growth of 25% since January.
August Changelog
September 2, 2020
August has been another busy month for Modern Treasury. In addition to some of the bigger items we shipped like Permissioned API Keys, we’ve shipped a number of smaller features and improvements we’re excited to share.
How to Build a Fund Custodian
August 27, 2020
This post is a guide to the operational, money movement aspects of private investing. While the specifics of the investments and the horizon for repayment might vary widely, we hope that this guide is useful in simplifying and demystifying how a fund might automate some of its internal operations.
Permissioned API Keys
August 14, 2020
Modern Treasury now supports API access by user-managed keys.
What Does INDN Mean?
August 11, 2020
Bank statements can be difficult to understand. We’ve previously written about bank statement descriptions and how they work. In this post, we will focus on a specific abbreviation, INDN, that you may see on your bank statement.
The Promise of Continuous Accounting
August 7, 2020
In November, we released functionality that allows Modern Treasury to connect with general ledger systems in real-time and introduced it as a class of features called Continuous Accounting.
July Changelog
July 31, 2020
You can now unmask and view account numbers on external accounts in Modern Treasury. Previously, it was impossible to view the account number for a counterparty’s external account. Our platform will automatically record an action on the audit trail every time an account number is viewed.
What is the PCI of Bank Payments?
July 30, 2020
Credit card users today can transact online with peace of mind because card-accepting merchants are subject to Payment Card Industry Data Security Standard (PCI DSS). Security is also a concern for bank payments.
What Are SWIFT Codes?
July 28, 2020
Originally taking place over telegraph, the means of sending wire messages have been replaced: first by the telephone network, and then it in turn by the internet. Yet the core idea of how wire transfers work has remained the same.
How RTP Works: A Look at ISO 20022
July 24, 2020
Among the many improvements that Real-Time Payments brings to the money transfer ecosystem, one of the most overlooked is its adherence to the global standard ISO 20022.
How to Manage Paper Checks Remotely
July 17, 2020
Many more of us are working from home right now, which means in-person processes are being taken online. For finance and accounting teams, one common in-person workflow is managing paper checks. There are two sides to check transactions: sending and receiving. Both can be automated. Let’s take them one by one.
Why Idempotency Matters in Payments
July 9, 2020
At Modern Treasury, we place a strong emphasis on building systems that behave predictably and are resilient to failures. An important characteristic of these systems is that they are idempotent. In this article, we’ll explain what being idempotent means and why it is important for systems that handle payments like we do at Modern Treasury.
How to Authenticate to NetSuite’s SuiteTalk REST Web Services API
July 1, 2020
Modern Treasury integrates with NetSuite to support our Continuous Accounting product.
Building One Integration to Multiple Ledgers
June 30, 2020
Modern Treasury now supports syncing to both NetSuite and QuickBooks.
June Changelog
June 30, 2020
We now support PacWest Bank and our Continuous Accounting platform integrates with NetSuite. Here are a few additional changes that we released.
Introducing Netsuite to Continuous Accounting
June 29, 2020
We are excited to announce our integration with NetSuite. Modern Treasury customers can now sync their data to NetSuite, making it even easier to automatically reconcile transactions for accounting.
Add Pacific Western Bank Support
June 23, 2020
Modern Treasury has added support for customers of Pacific Western Bank API.
The Difference Between A Third-Party Sender And A Third-Party Service Provider
May 27, 2020
In payments, there are two common setups: third-party sender and third-party service provider. For any company that needs to move money, it’s good to understand the differences.
How to Build an Invoice Factoring Company
May 20, 2020
Invoice factoring advances cash against invoices a company has issued, effectively prepaying the funds that a company’s customers have promised to pay in 30, 60, or 90 days.
Webhook Logs
May 15, 2020
Due to the asynchronous nature of payment operations, Modern Treasury has a robust webhooks API that sends out webhooks when objects such as payment orders change state. Many of our customers build against our webhooks API, and rely on webhooks to trigger state changes and start automated processes on their end.
Updated Dashboard
May 4, 2020
We are excited to launch a new dashboard today.
Intro to Payments Reading List
April 25, 2020
So here it is: the top ten. It’s a subset of our full list of readings that’s focused on payments specifically.
Add CTX Record Support for Incoming Transactions
April 24, 2020
Modern Treasury has added support for receiving Corporate Trade Exchange (CTX) records on incoming ACH payments.
Updating the LedgerSync License
April 17, 2020
LedgerSync is an open source Ruby library that allows developers to easily connect to and sync information to and from any ledger or accounting software such as QuickBooks Online, NetSuite, and more.
March Changelog
April 9, 2020
March was a busy month for us at Modern Treasury. We shared some changes we made to support customers in Canada through RBC, display API logs in the application, and enable users to reconcile expected payments manually in the dashboard. Here are a few additional changes that were released.
ACH Timings
April 2, 2020
ACH money movement is a common payment method for money transfers or automated payments. It’s relatively easy and cheap, but timing can be confusing. Since we get so many questions around ACH timings, we wanted to clear up timing for companies utilizing ACH and what they can expect.
Add RBC Bank Support
March 31, 2020
Modern Treasury has now added support for RBC Commercial Banking customers.
API Logs
March 24, 2020
To improve the developer experience with Modern Treasury, we have introduced easily navigable API logs in the app.
How to Get a SOC 2
March 19, 2020
When we set out to build Modern Treasury, we knew that as a company that deals with financial data and stores data in the cloud, our customers will expect us to prove our commitment to security. This proof typically takes the form of a SOC 2 report.
Manual Reconciliation for Expected Payments
March 10, 2020
We’ve released a new feature that allows Modern Treasury users to manually reconcile expected payments to transactions on their bank statement.
Updating Our Permissions System
February 19, 2020
Modern Treasury is updating how users interact with the application’s permission system. After studying how users across organizations were grouping permissions together, we are introducing a simplified permission interface.
Add Lob Support
February 18, 2020
To better support customers who send physical checks, Modern Treasury has now added Lob as a supported check print provider.
How to Choose a Bank
January 28, 2020
Choosing a bank is more than just a financial decision. At Modern Treasury, we work with many companies building out products that require banking support. This guide will help you ask the right questions from the outset, because running a company comes with enough curveballs, and your banking relationship should not be one of them.
Audit Logs
January 21, 2020
Today we’re launching Audit Logs. We’ve always had an audit trail for Payment Orders. Now, all user and API actions will be logged and available throughout our app.
NSF Protection for ACH Debits with Plaid
January 9, 2020
We have previously shared news of our partnership with Plaid, and our first Plaid integration which enables our mutual customers to instantly verify their counterparties through Plaid.
Announcing Our Series A
December 19, 2019
When we started Modern Treasury, we set out to build an enduring and valuable company. Today, we are excited to share that we’ve reached a significant milestone on that journey.
Tentative Reconciliation
December 12, 2019
Modern Treasury now supports reconciling payment orders, expected payments, paper items, and returns (called “transactables” in this article) to pending transactions on a tentative basis.
Support for Instant Verification with Plaid
December 4, 2019
Yesterday we announced our partnership with Plaid, which enables our mutual customers to use Plaid to authenticate and collect bank account details without touching sensitive data like bank account numbers.
Announcing Partnership with Plaid
December 3, 2019
Since the day I arrived at Modern Treasury, customers and prospects have asked us about Plaid and how to use our products together. Today we are excited to share our partnership, which offers businesses an improved, secure, and streamlined way to manage payment operations.
Add Bank of the West Support
November 25, 2019
Modern Treasury has added support for customers of Bank of the West through the bank’s Integrated Solutions offering.
Continuous Accounting: Building on an Open-Source Library
November 14, 2019
In this Journal Entry, we’re going to give a behind-the-scenes look into how we built this integration using LedgerSync, which is an open-source library for accounting systems.
How to Setup Continuous Accounting for QuickBooks
November 13, 2019
This post explains how to use Modern Treasury’s Continuous Accounting product with QuickBooks. We will cover some QuickBooks basics, product decisions we made while building our integration, and how to setup QuickBooks with Modern Treasury.