$100M in 100 Days: What we learned about Payments

On February 18, we launched Payments, our Payment Service Provider (PSP) for Fiat and Stablecoins. 100 days later, we crossed a major milestone: $100M in monthly payments volume.

I’m very proud of our team for building a product that can scale this robustly and quickly. Payments is built on top of our payments orchestration and ledgers software, which has been battle hardened on $500B+ in payments.

We’re now supporting 40+ customers who are building the future of fintech on top of our PSP. This gives us front-row seats to the trends and innovations coming for the rest of the economy. Here are three things that stand out from our first $100M.

Real-time payments are dominating

4 months ago, I posted this online.

In May, $73M of the $101M was real-time. This data is clear: real-time payments (RTP) are the future.

RTP is for both big and small payments. Instead of sending a wire, you can send an RTP, which arrives faster, any day of the week, for a tenth of the cost. And, on the other end of the spectrum, consumer platforms are using RTP to delight customers with instant cashouts.

*When I say RTP, I mean either the RTP or FedNow payment rail.

Stablecoins are gaining momentum

Many of our customers are building products with stablecoins at the core. I’m often asked, “What use cases are you actually seeing?” At this point, there are three use cases we’re serving the most:

1. International payroll: companies that pay employees or contractors internationally. These recipients want stablecoins so they can hold U.S. Dollars and get paid faster and cheaper.
2. Global Accounts and Wallets: these platforms use stablecoins to both hold user funds and make payments.
3. Non-U.S. PSP Settlement: these PSPs partner with Modern Treasury to service their U.S. customers and payment flows. They can settle with us over stablecoin, while we handle the stablecoin<>USD conversion and US fiat payments.

Stablecoins are delivering clear value to early adopters. We are excited to continue making stablecoins interoperable with the fiat world, so everyone can use them.

Payments are still hard

Now that our PSP has been in the market for a few months, we hear the same theme consistently: today’s PSPs have a ways to go. Orchestrating payments well requires a perfectly synchronized orchestra, across compliance, ledgering, payment processing, and more. This is hard to find, but it is why our scaled platform is resonating with customers.

Morse (formerly Sling Money), a global neobank built on stablecoins, uses Modern Treasury to enable users to cash out instantly via RTP, FedNow, ACH, and (soon) Push-to-Card. Similarly, Spritz, a consumer crypto app, uses us to help users seamlessly fund and withdraw from their accounts.

The companies building the next generation of financial products need infrastructure that makes payments feel simple and efficient. That is the role Modern Treasury is built to play: the trusted PSP for programmable, multi-rail money movement.

Get in touch

If you’re interested in learning more, please get in touch. And, I promise we’ll have more insights to share by our $1B/mo milestone.