• Partnering with Modern Treasury allowed Wingspan to unify its bank partners, ledger, and payment automation in one solution. Now, with a single source of truth, the company can precisely track and reconcile fund flows across all its products.
• Modern Treasury enabled Wingspan to scale its workflows, create a better customer experience, and get to market faster. Together Wingspan and MT will continue to explore new ways to drive efficiency and add new payment capabilities.

Founded in 2019, Wingspan offers payroll solutions for businesses that employ contractors. Wingspan unifies contractor payments and financial services into a single platform, helping its customers improve retention, save time, and stay compliant.

According to Greg Franczyk, Chief Technology Officer, "Wingspan isn’t just a payments platform—we call it payroll, but it’s really B2B contractor payments. Beyond that, we offer financial services like instant payouts, business banking, automated tax withholdings, and more for our contractor members. In addition to handling payroll and payments distribution, we provide stored value products, including a debit card program. These are traditionally separate functions, but we unify them into a single product for our clients and their contractors."

As a high-growth company, Wingspan saw an opportunity to build a single source of truth for its payment operations to deliver a more reliable customer experience and scale its payroll solution. The company needed a ledger to track money movement across products, and it wanted a solution that tracked payments from end-to-end.

Franczyk explains, “Our entire stack was very fragmented. We had balances and transactions in different places, and had different ways to combine the data to present a unified solution to our customers. We needed a ledger to track money movement across our product domains—from payroll to financial services—in an auditable way."

Wingspan tracked transactions and balances across multiple payment systems, and they had separate processes for handling payments, accounts receivables, tax holdings, and debit card management. Not only was it resource-intensive for operations teams to reconcile data, but any errors led to lengthy resolution times, which affected Wingspan’s goal to build customer trust.

“Trust is what's really important here. Moving money quickly and accurately is the product we sell. Any reconciliation problems, even if eventually resolved, can have a lasting impact on customer confidence,” says Franczyk.

Modern Treasury offered a holistic, composable platform compared to alternative solutions. The ability to connect the ledger with payment processing and bank integrations was a key factor in Wingspan’s decision.

"What set [Modern Treasury] apart was the ability to integrate payments directly with the ledger, along with built-in bank sync,” notes Franczyk, “Other options didn’t handle bank file transmissions or provide a direct link to the banks."

With Modern Treasury, Wingspan brought direct bank integrations, payments processing and automation, and ledgering into one solution. Ultimately, this saved them time and resources that would have been spent building a solution in-house.

As Franczyk puts it, “It would have been very expensive to build a reusable, pliable multipurpose double entry ledger on top of all the work done between JPMC and Wingspan through Modern Treasury. It would have been impossible to have gotten here if we had to rebuild all that functionality."

Wingspan uses Modern Treasury’s payments infrastructure to handle payments for corporate clients who work with hundreds or thousands of independent contractors. Once clients upload payments into the system, the Wingspan platform calculates the total disbursement amount, debits the client's external account, and uses Modern Treasury to orchestrate payments to the contractors' accounts.

“Modern Treasury’s platform is incredibly responsive and incredibly performant. We can transmit payments up to minutes before the bank cut-off and know that they're going to be processed and sent out on time, which is wonderful for us and our customers,” says Franczyk.

Partnering with Modern Treasury enables Winspan’s continued growth. Now, with a unified payment operations platform, Wingspan has a single source of truth for payment data, allowing the company to scale workflows, win larger clients, deliver a better customer experience, and get to market faster.

Wingspan can now streamline reconciliation and balance reporting. Moving from fragmented data and systems to Modern Treasury’s ledgers helps them reconcile fund flows and track account balances with greater precision. They can easily confirm that they’re disbursing all their customers’ funds to pay out contractors. For customers, this means faster resolution times and a better experience.

Franczyk explains, “With Modern Treasury’s double-entry ledger, we can better reconcile the flow of funds, especially when it comes to maintaining balances in omnibus or FBO accounts, where we need to understand exactly how much money should be in each account at any given point in time.“

In addition to more efficient reconciliation and reporting, Wingspan can now automate payment processing, making it easier to process payments for clients with more contractors and larger volumes. Not only has automation helped Wingspan scale workflows, but it has also supported growth upmarket.

For example, with standardized operating procedures in place, the team no longer has to navigate bespoke, complex processes—allowing them to onboard new hires faster, work more efficiently, and focus on their customers.

Additionally, Wingspan can bring new offerings to market faster. By building on Modern Treasury’s infrastructure, they can seamlessly onboard payment vendors and roll out new features without the complexity of building from scratch.

Franczyk summed up the impact of Wingspan’s partnership with Modern Treasury saying, “Modern Treasury has allowed us to sell to new, bigger customers, give them a better experience, and get products to market faster in response to customer needs because we have the right infrastructure to power the scale and the ability to add new vendors and features quickly.”

Wingspan is growing quickly and is interested in expanding its payment capabilities, integrating more payment channels into Modern Treasury, and supporting more international payment distributions. These initiatives will not only create better customer experiences but continue to help Wingspan scale.

“Just knowing that we can rely on Modern Treasury’s expertise and support out-of-the-box is incredibly valuable.’ says Franczyk, “It gives us the ability to think about how we bring something new into the platform.”