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Article|||November 9, 2021

Modern Treasury, Metropolitan Commercial Bank Team on Automated Payments

Modern Treasury, a payments operations software provider, is working with Metropolitan Commercial Bank (MCB) in order to provide automated payment options to companies.

Modern Treasury, a payments operations software provider, is working with Metropolitan Commercial Bank (MCB) in order to provide automated payment options to companies, according to a .

The Modern Treasury platform allows companies to make and manage payments through a dashboard or application programming interface (API). It can also track transactions in real time and automatically reconcile cash on several MCB accounts, the release stated.

With the addition of virtual accounts, Modern Treasury will allow customers more visibility into their moving payments, including their origins and the reasons for the payments, according to the release. This will help streamline the reconciling of incoming payments and allow more freedom to companies.

“The pace of business is moving faster, and our clients want solutions like Modern Treasury to get a fast and comprehensive view into money movement,” said MCB Executive Vice President and Head of Global Payments Group Nick Rosenberg in the release. “We’re pleased to build this partnership as we seek to offer our clients quality global payments solutions on the market.”

Modern Treasury Co-Founder and CEO Dimitri Dadiomov said in the release that the company is “thrilled to partner with Metropolitan Commercial Bank and bring forward new solutions to entrepreneurial clients around the U.S.”

Last month, Modern Treasury raised $85 million in a Series C funding round, bringing the company’s value to $2 billion.

Read more: Series C Values Modern Treasury at More Than $2B

The capital will be used to integrate more closely with partner banks, add new partners, expand the company’s product footprint and hire more people.

“The new financing values the company at over $2 billion and positions us to build an enduring, independent company that allows businesses everywhere to move money with confidence,” the company said at the time.

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