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Counterparty Feature Updates

We've released two new features to help you manage your counterparty relationships in Modern Treasury.

Matt MarcusCPO

We've released two new features to help you manage your counterparty relationships in Modern Treasury.

Counterparty Remittance Notifications

Your counterparties may want to be notified when they are being paid and their money is on the way. Normally, this is an additional feature you'd have to build to email them.

Now, Modern Treasury can email the counterparty on your behalf once the payment to them is processed by the bank. They'll receive this email prior to the funds arriving in their bank account. The email will include relevant payment information like the amount, the bank statement description, and remittance details. This feature can be used for any payment type: ACH, wire, check, or RTP.

Sample remittance email.

In order to use this feature, the counterparty must have its send_remittance_advice attribute set to true. This can be done while creating the counterparty, or as an update operation to an existing counterparty.

Creating a counterparty with the remittance flag:

Updating a counterparty to include the remittance flag:

Deleting Counterparties

You can now delete a counterparty that you no longer plan to interact with. This can be especially helpful during development, as you're creating entities that you later plan to delete. When a counterparty is deleted, any associated external_accounts will also be deleted.

Note that this operation is a soft delete. We call it archiving inside of our application. The records will still be accessible through Modern Treasury in case they are needed later, such as for an audit.

Archived counterparties can be viewed by checking this checkbox.

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