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Modern Treasury Expands Instant Payments Support with Six Leading Banks

Author

Slice of Finance Team
19 Aug

Key Highlights:

  • Expanded instant payments support for mutual customers of six major banks, including Bank of America, JPMorgan Chase, and Wells Fargo.

  • Utilizes FedNow and RTP® networks for faster money movement and real-time payment tracking.

  • Supports Request for Payment (RFP) capability, enhancing 24/7 pay-ins and reducing transaction risks.

Source (Business Wire)

Notable Quotes:

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“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.”

Sam Aarons, Co-founder and CTO at Modern Treasury
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“We fully expect this to become a competitive differentiator in our industry, and we’re pleased to lead the way.”

Bob Taylor, Vice President of Centralized Escrow Accounting at Stewart Title
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“We look forward to continued growth through integrations with companies like Modern Treasury.”

Rusiru Gunasena, Senior Vice President of RTP Product Development at The Clearing House

Our Take:

Modern Treasury’s expansion of instant payments support across six of the leading banks in the U.S. is a significant step forward in the evolution of real-time payments. By leveraging modern payment rails like FedNow and RTP®, the company is not only facilitating faster transactions but also enabling businesses to gain critical insights into their cash flow. This move highlights the growing demand for real-time payment solutions and positions Modern Treasury as a key player in the payment operations industry, catering to sectors where speed and accuracy are paramount.