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.
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.
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.