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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.
Add support for Plaid Identity
Our Plaid integration now supports pulling additional data about your counterparties through the Plaid Identity product. Previously, we would only pull information using Plaid’s Auth product. Auth provides the minimum set of information required to pay a counterparty, like their account number, routing number, and account type. However, it can be helpful to also have the identity information on a bank account. Identity provides the name on the account and the address on the account. By having the correct name on the account, it is less likely that your counterparty’s bank returns the payment or issues a Notification of Change. Additionally, having the address makes it possible to send wire transfers, which require an address.
We do not enable Plaid Identity by default because this is an additional charge from Plaid. If you would like to leverage Plaid Identity, visit your Organization Settings page and enable the integration in your Plaid Settings section. Once it is turned on, Plaid Identity will automatically be used for all counterparties created with processor tokens.
The integration guide can be found here.
Real Time Balances and Transactions at Silvergate
We now provide real time balances and transaction activity for our customers’ bank accounts at Silvergate Bank. Previously, balances and transactions were only updated approximately every hour. We are leveraging Silvergate’s webhooks which notify Modern Treasury as soon as there is an update in our customer’s bank account. These real time balances and transactions are made available through our API, webhooks, and in the dashboard.
Customizable Time Zones
Modern Treasury’s dashboard can now display times in your local time zone. Previously, all times were displayed in UTC. Now, we will attempt to detect your local time zone when you load the dashboard. If we are unable to detect your timezone, we will still default to UTC time.
It is important to note that this change only applies to times. An example time that would be displayed in your time zone would be the time that a payment order was created. We do not alter dates which have no time. Some examples of unaltered dates are payment order effective dates and transaction dates. These are displayed in the time zone of the bank they took place in.
If you would like to manually set your time zone, visit your personal settings where you can select your time zone.
Add Ability to Unreconcile Expected Payments
You can now unreconcile an expected payment when it has been erroneously reconciled to a transaction. Previously, there was no way to do this in the platform.
To unreconcile an expected payment, visit the page for the transaction it has been reconciled to and navigate to the “Reconciled Items”. Then select “Unreconcile”. You will be prompted to confirm before the action is completed.
Allow Users to Attach Documents to Counterparties
Documents can now be attached to counterparties in both the API and in the dashboard. In the API, simply use the document endpoints. In the dashboard, you can attach a document to a counterparty when creating it or by navigating to the documents tab on a counterparty’s page.
Support Book Transfers in Sandbox
Our sandbox now supports initiating payment orders that are book transfers. We’ve always supported testing ACH, RTP, EFT, and wire payments in our sandbox. In order to help our customers fully test their integration in our sandbox, we’ve added this additional capability.
For full details on our sandbox, view our documentation here.