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Modern Treasury has now added support for customers of Signature Bank.

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. 

In order to pay many types of counterparties, businesses need to collect and track Social Security Numbers (SSN) or Employer Identification Numbers (EIN). This is required in cases where you need to file a tax document, such as a 1099, and can also support compliance and control processes inside your company.

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.

This is where two goals can sometimes come in conflict: responding to customer requests as fast as possible, and managing the financial controls around payments. So we’ve built tools for a customer support team to get access to the information they need while creating flexible controls to ensure a business is safe and protected.

There’s a myth going around now that fintech is a new industry, poised to take over, and that now that it’s here, every company will be a fintech company. In reality, though, fintech is just as old as "tech." For as long as engineers and entrepreneurs have been coming up with new technology amongst the hills of Cupertino and the orange groves of Mountain View, there have been fintech entrepreneurs right amongst them. And in many instances, the two groups have utilized the same technology advances to push the world forward. 

‍‍When evaluating options for payment processing, one option to consider is working directly with your bank. The term for this setup is called “direct transmission.”

Events are how we model important state changes within the Modern Treasury system. When a state change event occurs, we create an Event object.

Today, we are excited to announce that Modern Treasury reconciled over $100 million in payments for our customers last month. This milestone comes after compound monthly growth of 25% since January. 

August has been another busy month for Modern Treasury. In addition to some of the bigger items we shipped like Permissioned API Keys, we’ve shipped a number of smaller features and improvements we’re excited to share.