By The Numbers

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. 

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.

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.

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.

When we talk to companies, we’re often surprised by the misconceptions that exist around ACH.

With all the talk about Real-Time Payments, it can be hard to find good information. One thing we often get asked by payment operations and engineering teams is which banks are RTP-enabled. They want to know: “can I send RTP payments with my bank?”

In March, NACHA released their listing of top ACH financial institutions. We always want to know as much as possible about how money moves in the United States, so we took a deep dive into the data they published.

The ACH network supports dozens of payment scenarios. These categories appear as a unique 3-character Standard Entry Class (SEC) code with every entry. The SEC code dictates which rules and regulations apply to a given payment, who can start them, and under which specific scenarios they can occur. This list is not exhaustive, but we have included descriptions for SEC codes companies are likely to receive or start themselves.

This post lays out how money moves between companies, how that differs from consumer payments, and some surprising upcoming changes.