Modern Treasury, a leading payment operations software provider, today announced that in March it reconciled more than $1 billion in business-initiated payments for the first time, up from $100 million a month in August 2020.
The growth in volume reconciled using Modern Treasury’s software underscores the company’s increasing value as a payment operations platform for companies needing to modernize, automate and speed business-initiated payments.
Modern Treasury’s payment operations and treasury management solutions enable companies to instantly close books with Continuous Accounting, manage payments and banking through a single platform, and automatically reconcile cash across multiple bank accounts.
The growth in Modern Treasury’s volume is driven by both new and existing customers, large and small, in many diverse industries including real estate, health care, financial services, and marketplaces. New Modern Treasury customers include Marqeta, the global modern card issuing platform.
“Given our continued mission to make payment operations simple, scalable and secure, we’re thrilled to welcome new customers, including Marqeta, that are truly at the forefront of financial services today,” said Dimitri Dadiomov, Modern Treasury CEO and co-founder. “We believe our software is applicable broadly across many industries, and the continuing growth—underscored by our first $1 billion month—is a testament to the remarkable companies we’re lucky to work with. We see software for payment operations reaching more companies and we’re excited to continue to innovate in this relatively untouched market.”
Annually more than $18.5 trillion of business-to-business payments are transacted in the U.S. via wires, checks, and ACH payments, with almost half of those still made via check. Payments take 1 to 3 days to clear and finance teams spend hours tracking them through each step of the process from payment initiation, through approvals, to reconciliation.
Modern Treasury automates each step of that process, including reconciliation, a key accounting process comparing records to make sure that figures are correct. With Modern Treasury’s ease of use, a company can scale from its first payment to tens of thousands using simple automation and robust controls.
“Partnering with Modern Treasury enables us to accelerate our product roadmap and stay focused on innovating on what’s core to our business, in service of supporting our customers’ growth,” says Kevin Doerr, Chief Product Officer of Marqeta. “Modern Treasury has been a best-in-class technology partner who understands our unique business, our motivations, and our customers’ needs.”
Modern Treasury also announced that it added global payouts, which means its North America-based customers can make payments through Modern Treasury throughout the world, in any currency. The capability is well suited to companies needing international services, making Modern Treasury a one-stop shop for more companies.
To learn more about Modern Treasury’s path to 10x growth, please visit our blog here.
About Modern Treasury
Modern Treasury builds payments operations software that automates the full cycle of money movement—from payment initiation, through approvals, to reconciliation—all from one app and API. Enabling real-time payments, automatic reconciliation, and continuous accounting, Modern Treasury’s platform is used by customers in a diverse range of sectors, including real estate, health care, financial services, and marketplaces, and more, with monthly reconciliations on the platform exceeding $1 billion. Founded in 2018, San Francisco-based Modern Treasury is backed by Altimeter, Benchmark, and Y Combinator.