Modern Treasury, essential infrastructure for the new era of payments, announced that it has expanded instant payments support for mutual customers of six banks — Bank of America, Cross River, JPMorgan Chase, PNC Financial Services, U.S. Bank and Wells Fargo.
Instant payments, powered by the first new payment rails in the U.S. in more than four decades, “enable businesses to move money faster and gain real-time insights into money movement as they track payments from initiation to receipt.”
Instant payments use the FedNow service, “developed and launched by the Federal Reserve in July 2023, and the RTP® network, launched in 2017 by The Clearing House.”
So far, over 1,000 banks and credit unions have “signed on with either the RTP or FedNow networks, or both, and instant payment volume continues to grow.”
Sam Aarons, Modern Treasury Co-founder and CTO said:
“Money is moving swiftly toward a real-time future, and seeing customers use Modern Treasury to enable instant payments with some of the largest banks in the U.S. is a testament to the accelerating adoption of these exciting new payment rails. By making instant payments easier to access for our customers, we’re helping them deliver better customer experiences while enabling real-time insight into cash flow.”
Modern Treasury helps its customers “access instant payment capabilities by expanding support for these rails with banks.”
It enables a faster way to move funds “via new payment rails than traditional ACH, wire, or check.”
In addition to providing support for sending instant payments, Modern Treasury also supports the ability to access the “Request for Payment (RFP)” capability at a growing number of banks.
As the adoption and coverage of RFP grows, customers can leverage it “for faster, irrevocable, 24×7 pay-ins while also using it to address ACH’s insufficient funds risk.”
The Modern Treasury platform powers instant payments “for companies in industries like healthcare, payroll, real estate, investing, and insurance.”
Today, Modern Treasury’s customers move “over $1 billion in instant payments volume annually.”
They also rely on the platform for eligibility checks “to determine if counterparties can receive instant payments, to get real-time visibility into payment status and cash balances, and to automatically reconcile and ledger transactions.”
Bob Taylor, Vice President of Centralized Escrow Accounting for Stewart Title, a Modern Treasury customer.
“Real estate requires the ability to move money quickly, accurately, and securely. Instant payments fulfill all three of those requirements, enabling us to deliver faster brokerage payouts and escrow settlements, which can now occur 24/7/365, all while reducing transaction fees. We fully expect this to become a competitive differentiator in our industry, and we’re pleased to lead the way.”
Rusiru Gunasena, Senior Vice President of RTP Product Development at The Clearing House.
“With the rise of new payment use cases and heightened customer expectations, the demand for faster payments in the U.S. is growing. Financial institutions of all sizes are leveraging the RTP network’s increasing volume and enhanced capabilities, such as RFP, to develop digital services for their corporate and retail customers. We look forward to continued growth through integrations with companies like Modern Treasury.”
Modern Treasury is essential infrastructure “for the new era of payments, helping companies unlock growth, enhance customer experiences, and drive efficiency.”
The payment operations platform and best-in-class developer “help companies move, track, and reconcile money in real time.”
Founded in 2018, San Francisco-based Modern Treasury “serves companies across broad sectors of the economy.”