February/March Changelog

Here is a closer look at the updates and features we’ve shipped over the last two months.

Platform Updates

Support for Global ACH

Modern Treasury announced support for Global ACH, an alternative to SWIFT wires. With Global ACH companies can reduce costs of cross-border payouts by 5x-7x and provide full visibility into exactly how much payees will receive. For more details, read our announcement here.

ACH and Wires at Citi Bank and other bank coverage updates

Modern Treasury now supports programmatic initiation and reconciliation of ACH and Wires at Citi Bank.

Virtual Accounts at CRB

Modern Treasury now supports virtual accounts at Cross River Bank.

ACH at Celtic Bank

Modern Treasury now supports programmatic ACH transfers at Celtic Bank.

Invoicing Support

Customers can now easily collect payments on their outstanding invoices using Modern Treasury. Customers can create custom portals where external counterparties can pay outstanding invoices via bank rails. As the transaction settles, its status is updated automatically, providing full visibility into payment statuses. Read our guide here for more.

Expanding Push to Warehouse for Compliance and Virtual Accounts

Push to Warehouse support now includes the following objects in our Compliance and Virtual Account APIs:

• `cases`
• `decisions`
• `user_onboardings`
• `virtual_accounts`

This allows customers to export Modern Treasury data related to our KYB and KYC module—as well as incoming payment reconciliation—into their data warehouse of choice. For more on Push to Warehouse, refer to our announcement here.

Automated Sweeps

Customers can now set a target balance and sweep schedule for an internal account. Modern Treasury then checks the predefined sweep schedule and creates a payment order to bring the balance to the target balance.

This helps customers manage account balances proactively and automatically. Use cases include:

• Maintaining an account below FDIC insurance limits
• Topping up accounts when operating balances are too low
• Sweeping funds into a higher interest earning account on a regular cadence.

Please reach out to sales@moderntreasury.com with questions or for more details.

Updates to Account Views

We’ve added a balance history chart and transactions table to our UI, which allow customers to browse through recent transactions more efficiently and see how specific transactions affect a recent balance change.

We’ve also added a new expandable section for transaction details that better surfaces critical information for finance and operations users.

Custom Email Domains

You can now set your own custom email domains to match your branding for select emails sent to your users. Learn more here.

Improvements in Returns Handling

We now proactively detect and handle exceptions related to returns that are not automatically tying to the correct originating payment order.

Detecting Payment Order Missing Fields

When creating Payment Orders in the dashboard, Modern Treasury will now dynamically check for and prompt you to add any additional information needed, based on accounts and payment type, to help ensure that your payments are completed successfully.

Updated Cash Balance Widget

Customers can now nest accounts in the UI and more easily find accounts using the search box in the app. We’ve also improved load times for balance visualization in the app by 40%, on average.

Personally Identifiable Information

We now offer a setting that controls whether Personally Identifiable Information (PII) is returned in API responses and webhooks. Administrators can toggle the setting in their Organization Settings.

Please be careful when changing this setting, as it can affect your integration or security posture. We generally encourage customers not to ingest PII unless necessary. Learn more here.

Separate API Key Permissions

Viewing and editing API Keys is sensitive. While there are many Developers who need access to API Logs and Events, there are fewer who might need access to API Keys. Modern Treasury split the old Manage Developer Settings permission and added a new Manage API Keys permission so that customers can be more granular about their role-based access controls.

Plaid International Bank Account Support

Through Modern Treasury’s Plaid Integration, customers can create Counterparties and External Accounts without handling sensitive bank account details. Modern Treasury supports all countries that Plaid supports. Account information can be used to make EFT, BACS, and SEPA payments.

Customize Compliance KYC Checks

Customers can now select which KYC checks they would like to perform on Counterparties (e.g. phone, email, sanctions, politically exposed person, adverse media, device and behavior, bank risk, etc.).

Compliance Custom Attributes

Customers can pass in data for KYC and Transaction Monitoring rules. This is helpful if you have additional data sources.

Next Steps

If you have any questions or feedback about any of these updates, or if you’re interested in trying one of Modern Treasury’s payment operations products, get in touch.