AI-Powered Innovations Support Faster Payments, Smarter Workflows, and Real-Time Data Visibility for Payment Operations
Modern Treasury, the leading payment operations platform built for the Instant Economy, introduced new features to help businesses adapt to real-time financial operations. As consumer demand for immediate access to goods and services grows, businesses need faster, more efficient systems to track payments and respond to customer needs in real-time.
“Payments are the last frontier of digital transformation for many businesses, and in the U.S., the transition toward instant payments will only accelerate the shift to the Instant Economy”
“Payments are the last frontier of digital transformation for many businesses, and in the U.S., the transition toward instant payments will only accelerate the shift to the Instant Economy,” said Dimitri Dadiomov, co-founder and CEO of Modern Treasury. “Modern Treasury enables customers to move money easily, and the features we launched today ensure that our customers will adapt and thrive in the real-time world.”
Catch more Fintech Insights : Global Fintech Series Interview with Jeff Marsden, Chief Product Officer at PureFacts
Faster Payments: Paving the Way for Instant Payments
Deloitte predicts as much as $37 trillion in payments can transition to real-time by 2028. These B2B payments are currently settled over ACH or check and often take days to do so. As the transition to instant payments rapidly unfolds, businesses need modern software to reap the benefits. New instant payment features introduced today include:
- Expanded support for FedNow and RTP connectivity at seven leading U.S. banks.
- Eligibility checks to verify that counterparties can receive instant payments to ensure smooth money flow and reduce delays.
- Automatic fallback to ACH if the recipient bank does not support instant payments.
- Early access to Request for Payment (RFP) at participating banks.
Instant payment rails like FedNow and RTP allow companies to send cost-efficient payments at scale, saving up to 10x on wire payments, improving customer experiences with faster payment processing, and unlocking additional float revenue.
“Real-Time Payments and FedNow allow us to meet employer demand for faster payments without the high costs associated with previous attempts to speed up payroll. This shift to safe, real-time payments can significantly reduce those losses, benefiting our partners, employers, and their employees,” said Aaron Sharff, Senior Product Manager at Check, which uses instant payments to speed up payroll disbursements.
Check out our Instant Payments calculator to estimate your cost savings from instant payments.
Smart Workflows: Boosting Efficiency with Automation and AI
Automation and AI increase speed and efficiency in customers’ payment operations. Modern Treasury’s smart workflow features reduce manual tasks and payment delays or failures, helping businesses work faster and smarter. New workflow features include:
- Payment templates to standardize data inputs for specific use cases like payroll and taxes, reduce errors, and minimize payment failures and delays.
- Global payments validation to ensure cross-border payments are accurate and compliant.
- AI-generated suggestions for one-to-many transaction matching for faster transaction reconciliation, such as card settlements.
- Automatic transaction categorization to reduce manual data transformation.
“Modern Treasury has been a true partner in helping us leverage best practices to accelerate the launch of our new reconciliation platform. Automating reconciliation across our business will drive efficiency and unlock new growth opportunities,” said Dan Brames, Chief Payments Officer at Alegeus, which uses Modern Treasury to reconcile health and flexible spending accounts.
Real-Time Visibility: Tracking and Managing Finances with Precision
In an instant economy, it’s critical that businesses understand their financial positions on demand, which requires robust payment infrastructure. New features help companies quickly spot and resolve financial issues and make better decisions based on the most accurate view of their financial position. Customers can now use Modern Treasury’s platform to track billions of real-time payments throughout their lifecycle. New features include:
- Category rollup pages allow customers to report on real-time and historical ledger balances to rapidly understand the state of the business.
- Multi-system reconciliation and entity linking track transactions across systems, ensuring audit readiness and regulatory compliance.
- Webhooks notifications for instant payments that directly power accurate account balances.
“We are growing fast at Wingspan and needed a partner who can help us evolve our ledger to keep up with the pace of growth across our global payroll operations,” said Greg Franczyk, Chief Technology Officer at Wingspan. “Modern Treasury’s platform gives us a single pane of glass to track all assets and liabilities across our payroll flows in real-time, giving our team an accurate view of our financial exposure on demand.”
Read More on Fintech : Global Fintech Series Interview with Frank Pagano, Executive Sales Director at VizyPay
[To share your insights with us, please write to psen@itechseries.com ]
