• Procore has significant scale, managing over one million projects in 150+ countries. As they grew, they found that managing cash flow for large-scale construction projects was complicated and slow, especially when dealing with multiple subcontractors, vendors, and banks. They set out to build a solution to tackle this challenge for their customers.
• Procore’s goal was to improve the customer experience and position its business for growth by giving general contractors a seamless onboarding experience and an efficient solution for paying subcontractors and other players in the construction space. Their team partnered with Modern Treasury to build their embedded payments platform, Procore Pay.

Procore is a cloud-based construction management software platform that helps construction companies, property owners, and other stakeholders collaborate on projects. Their platform powers data-driven construction, enabling customers to gain a comprehensive view of their projects of any scale. Procore Pay, their embedded payments system, is the only construction payment management solution built on the Procore platform that handles all aspects of the payment process between General Contractors and Subcontractors. This includes invoice submission and review, collection of payment requirements and compliance documents, and payment disbursement followed by an automated lien waiver release.

Payments in construction management are complex. They often involve many different parties coordinating payments across different stages of a given project. Contractors, subcontractors, and suppliers all require different payments tied to specific milestones. Changes in project scope can lead to revised agreements and changing payment schedules, adding to the complexity. Compliance with legal requirements and retention payments that are held back until completion further complicate the process, making it a constant challenge to manage payments smoothly throughout the project. Managing all of this complexity is where Procore steps in.

As Brent Heatherington, Principal Product Manager at Procore puts it, “Construction projects are complicated, and one of the most challenging parts is the documentation tradeoff between subcontractors, who do the work, and general contractors, who need lien waivers in place before owners release funds. The real complexity comes from managing this documentation and having visibility into the payment transaction lifecycle—knowing when general contractors have paid their subcontractors. By digitizing and automating the unlocking of lien rights, we improve the process between subcontractors and general contractors, particularly with payments and lien waivers. This visibility into the payment lifecycle is crucial to deliver timely payments in our space.”

After hearing from their customers that they needed a simpler way to track, manage, and process these complicated payments, Procore sought a solution to address every part of the payment process—not just money changing hands, but everything from onboarding to lien waivers. Their team was tasked with figuring out how to balance the things that Procore already excels at—building software to streamline construction processes, such as invoice management, budgeting, estimating, and integrating with accounting solutions—with the complexities of moving money.

Procore wanted to focus on the customer experience and its core competency in construction software and sought a partner to help solve the challenge of embedding payments into its platform. “At the time, we had a small team of engineers, product, and designers allocated to building the Procore Pay product. Our focus needed to remain on building our customer experience and backend infrastructure to manage account linking, payment initiation, and project configurations required for launch,” explains Heatherington, “Adding the scope of building ledgering capabilities, bank account onboarding, bank account verification, and a bank integration just didn’t make sense; so the decision to buy, for us, was an easy one to make.”

Modern Treasury was the ideal partner for Procore, offering end-to-end payments infrastructure that seamlessly integrates with its existing platform. Compared to competitors, Modern Treasury offered more robust functionality and the flexibility that Procore needed.

Procore’s priority was to improve the customer experience and position its business for growth. Specifically, it wanted to give general contractors a seamless onboarding experience and an efficient solution for paying subcontractors.

Heatherington sheds some light on how much this process affects his work. “Our goal is to abstract away the complexity of moving millions of dollars from a general contractor to a subcontractor. For example, our subcontractors are looking to add a bank account to receive payments. We want to remove them from the complexity of the underlying bank account verification, checks, the ledger of each counterparty, and the creation of the counterparty so that they can get paid faster and easier. To do this, all the underlying payments infrastructure needs to be in place.”

Procore sought a trusted partner who could manage the movement of millions of dollars between contractors and ensure full visibility and transparency at each step of the process. Modern Treasury’s solution simplified the customer experience, allowing them to easily onboard bank accounts, fund payments, and receive payment without having to manage the complicated backend of money movement.

“We evaluated other payment platforms and some additional products from banks. Modern Treasury had everything we needed, while the others only had some of the capabilities we required. Having a single point of connection to a vendor simplified our development and allowed us to go faster,” Heatherington says

We evaluated other payment platforms and some additional products from banks. Modern Treasury had everything we needed, while the others only had some of the capabilities we required. Having a single point of connection to a vendor simplified our development and allowed us to go faster.”
- Brent Heatherington, Principal Product Manager at Procore

“Procore Pay requires our users to onboard a bank account to either fund invoice payments or to receive payment. When our customers do this, we collect certain business information. The information we collect is pretty standard. We use this information to create counterparties and external accounts in Modern Treasury. From our customers' perspective, they are simply adding a bank to pay or be paid and don’t need to be concerned with the underlying infrastructure that makes payment possible.”

With the foundational support of Modern Treasury software, which delivers bank integrations, ledgers, and faster payment rails, Procore gives contractors a seamless onboarding experience and an efficient way to send funds, allowing subcontractors to get paid faster.

For example, partnering with Modern Treasury has allowed Procore to automate previously manual processes. Now, Procore can track the payment lifecycle and automate the unlocking of lien waivers to initiate payouts. Instead of mailing paper checks, contractors can send funds through ACH rails, allowing trade partners to get paid much faster than the industry norm of at least 90 days.

“I see the value Modern Treasury provides as a pass-through for our customers,” notes Heatherington. “Our payments product enables our customers to make payments more efficiently than the alternative of mailing paper checks. ACH payments are faster and more secure than checks. This means our customers can move through their payment runs more efficiently, and their trade partners are getting paid faster. A lot of this is all made possible by the tech we leverage from Modern Treasury.”

The power of ledgers to increase visibility and efficiency cannot be understated, allowing Procore to ensure customers are accurately paid in a timely manner. “With Modern Treasury’s ledgers, we know where funds are at any given time. As our customers use the product, we can record a series of debits and credits across ledgers. We make the entries as we receive async signals that funds are moving, from the wire that funds the payment run to confirmation that ACHs have been sent to the bank for processing,” says Heatherington.

By removing the complexity of bank integrations and making payments more transparent and efficient, Modern Treasury enables Procore to deliver a winning product and customer experience that has unlocked more sales.

In the years that Procore and Modern Treasury have worked together, Procore has delivered industry-leading customer experiences and scaled to serve large enterprise customers.

“Modern Treasury acts like a banking gateway for us, so when a large enterprise or strategic customer expresses interest in us connecting to their bank, it is easier for the customer to adopt and use our product thanks to their robust bank partnerships.”

“Modern Treasury acts like a banking gateway for us, so when a large enterprise or strategic customer expresses interest in us connecting to their bank, it is easier for the customer to adopt and use our product thanks to their robust bank partnerships.”
- Brent Heatherington, Principal Product Manager at Procore

Modern Treasury’s bank integrations have been critical to accelerating Procore’s growth: Procore plans to expand its bank partners to achieve five times the scale, and by evolving into a money-transmitter business, they will drastically reduce the time to onboard, increase the time to value for customers, and ultimately, set the bar for an exceptional customer experience.

"Partnering with Modern Treasury has allowed us to scale quickly,” says Heatherington, “In 2025, we have targets of thousands of general contractors, and leveraging MT ledgers to stand-up money transmitter license will be huge."

Looking ahead, Procore aims to unlock faster, more efficient payments across the construction industry by exploring innovative solutions tailored to the sector's unique challenges. This includes developing new use cases, such as owner funding, where project owners contribute funds directly to cover construction expenses in real-time — showing off Procore’s commitment to transform how payment operations are handled across construction projects.

Four years in, Modern Treasury is thrilled to keep partnering and growing with Procore to meet the evolving needs of the construction management industry.