September was a busy month for our team with the announcement of our Head of Engineering, the opening of our San Francisco office, and our first team offsite in over a year. Even still, our engineering and product teams have been working diligently to ship features and updates to Modern Treasury’s web application for our customers. Here are some of the improvements we made in September.
Simulating Wire and EFT Returns in the Sandbox
Customers can now simulate wire and EFT returns in their sandbox. As with all simulated sandbox behavior, this flow can only be done through the Gringott's test bank with the appropriate sandbox counterparty. It is important to note that return codes don’t exist for wires, so the wire returns will not specify a code with the return reason.
To test, customers can follow the Simulating a Return guide. Simulated returns will be posted within minutes after the original payment orders have been sent to the bank, which mirrors how returns would work in the real world.
Simulating Check Processing in the Sandbox
Customers can now simulate check payment orders and returns in the sandbox by following the Simulate a Payment Order process and the Simulating a Return guide. Once again, this flow can only be done through the Gringott's test bank with the appropriate sandbox counterparty.
Updates for Wire Returns at JP Morgan Chase
Customers of JP Morgan Chase now have a programmatic way to be notified when an outbound wire is returned. There is now a webhook that notifies customers when an outbound wire gets returned by the beneficiary bank.
Support for Returning Wires for Wells Fargo Virtual Accounts Customers
Customers with virtual accounts at Wells Fargo can now return received wire transfers directly through the MT web application or API and it will be linked to the original payment order for easy tracking.
Linking Ledger Transactions and Incoming Payment Details
Customers can now specify a link to an Incoming Payment Detail object when creating a Ledger Transaction. The status of the Ledger Transaction will automatically reflect the status of the Incoming Payment Detail.
Launch of Beta Reporting
Customers can now request access to our beta version of reporting on the web application. A report is a saved set of filters that can be used to search and standardize your account data. Reports can be shared with teammates and exported to CSV, allowing customers to easily analyze their data.
If you have any questions or feedback about any of these updates, or if you’re interested in trying one of Modern Treasury’s payment operations products, get in touch.
We are also continuing to hire engineers who are interested in building the next generation of payment operations software. You can find out more about opportunities on our careers page.