Recent updates include advanced ledger account settlements and FedNow routing number validation. Looking ahead, we will deprecate old RBAC roles and enhance processing speeds for high-volume ACH payments.

Recently Released

📚 Ledgers

• (Released 11/15) Custom Ledger Account Settlements: Ledger Account Settlements can be used to represent payouts and itemized Ledger Entries. You can now create a Settlement in drafting status and include any group of entries on a Ledger Account, without needing to specify a settlement time period.
• (Released 11/15) Redrafted Payment Order Ledgering: When a Payment Order is redrafted, it is is automatically linked to a new Ledger Transaction that retains the description and metadata from the original transaction.
• (Released 11/14) Ledger Timestamp in Dashboard: When creating a Ledger Transaction in the dashboard, users can now set an effective_at timestamp.
• (Released 11/18) Editing Embedded Ledger Transactions: Users can now edit the associated Ledger Transaction directly when modifying a Payment Order or Expected Payment in the dashboard.

💵 Payments

• (Released 11/19) FedNow Routing Number Eligibility Check: We have added support for FedNow to our routing number eligibility API. This API validates whether a counterparty can receive a particular payment type. If a counterparty has the ability to receive a FedNow payment, we will return fednow on the supported_payment_types field. We separated fednow into its own type in the eligibility API because an originating bank may only support one network. This distinction helps users determine whether their counterparty can receive payments via a specific network and decide whether to proceed with the payment. While Modern Treasury identifies network eligibility, it’s important to note that most banks do not allow customers to explicitly select a specific instant payment network. Instead, banks route the payment automatically between FedNow and RTP based on factors like cost and availability. As a result, the Payment Order API only accepts rtp as the value for the payment_type parameter when creating an instant payment. If a routing number’s supported_payment_types includes either fednow or rtp, users can initiate an instant payment by creating a Payment Order with payment_type set to rtp. This ensures that the bank will determine the appropriate network to use based on their routing logic.

Upcoming Changes

⭐️ indicates newly introduced upcoming changes

🧑‍💻 Platform

⭐️ Deprecating Old Roles: As part of the RBAC system upgrade old roles that are marked as 'To Be Deprecated' will be removed. Any groups that are still associated with these roles will lose access.

Updates to Java and Kotlin SDKs: There is an upcoming change in our Java/Kotlin API that will be part of a new version release. In this update, we will be replacing an external library (Guava) with a custom solution for handling query parameters and headers. What this means for users:

• Reduced JAR Size: This change reduces the size of the SDK.
• Opt-In Update: Since this is a version change, users will have the option to upgrade at their own pace. The new version will give users access to the improvements, but it won’t affect users who don't choose to move to it.
• Minimal Impact: There may be a small adjustment required for users who have been working directly with raw headers or query parameters.

File Sharing via SFTP: Users will be able to perform recurring data uploads by sharing files via SFTP. Users will be able to create Payment Orders, Expected Payments, Transactions, and Ledger Transactions.

Optimized High-Volume Payments: Our systems will be optimized to significantly increase the processing speed for large volumes of ACH payments to JPMC.

Cycle Through Approvals: After approving a Payment Order, users will be able to move to the next item without returning to the approval list.

Payment Approvals by Currency: Users will be able to filter payment approvals by currency on the approvals list.

Saved Filters: Users will be able to save complex filter combinations for recurring workflows, simplifying navigation back to specific views.

Export Permissions Update: Going forward, users will only have access to exports when they are the creator of the export or when they are assigned access to the report from which the export was created.

Dashboard Clean-Up: Redundant "Status Change" information will be removed from the dashboard, which appears in timeline views for various objects. Similar information can be found in "Events," which are in dashboard views, or retrieved via API and webhooks. Status changes will first be removed for Expected Payments and Payment Orders in November, with additional objects to follow in early 2025. Please contact Support if you have questions or concerns.

Adjust Metadata Search Behavior: Metadata search in the UI will be case insensitive and take in multiple values in a single query.

💵 Payments

⭐️ Increased Processing Speed for High Volumes: We’ve optimized our systems to significantly boost the processing speed of large-volume ACH payments across all banks, expanding beyond just JPMC.

Custom Payment Order Templates: Users will be able to create custom templates for different Payment Order use cases to make it easier to initiate payments. Users will be able to control which fields on the Payment Order form are visible, required, optional, and preset. Contact our team to schedule a demo.

Real-Time Payment Confirmation: Users will be able to receive real-time confirmation of RTP or FedNow payments at Bank of America, Cross River, JP Morgan, US Bank, and Wells Fargo via the confirmed event in Payment Order webhooks.

Request for Payment (RFP) at PNC: Users will be able to utilize Request for Payment (RFP) on the Real Time Payments (RTP) network at PNC.

Expanded Cross-Border Payment Coverage: We are planning to expand our cross-border payment capabilities at Citi via the Worldlink product and traditional SWIFT wires, adding support for new currencies and countries.

Global Payments Validation: Payment Order fields for cross border payments will automatically be validated against the bank’s requirements for each country and currency. This will notify the user about required fields and the correct format for successful payment completion. For example, this can include Purpose Codes, Tax Identifiers, or Addresses. We will support Global Payments Validations at Bank of America, JP Morgan, and Citi.

Support for Local Payment Methods: We will support local payment methods in India, Japan, and Singapore through Bank of America, further expanding our global reach.

New Bank Integrations: New bank integrations will be added for Regions, Web Bank, and Western Alliance, expanding banking options for users.

Create Legal Entities at Cross River Bank: Users will be able to create legal entities at Cross River Bank to ensure compliance with regulatory requirements.

✅ Reconciliation

Many-to-Many Reconciliation: Users will be able to create rules to automatically reconcile many Transactions to many Expected Payments, enabling reconciliation for more complex payment scenarios.

Faster High-Volume Recon: We will launch system improvements to process reconciliations faster when handling high transaction volume.

Custom Identifier Filters: Users will be able to find, search and filter on Expected Payment Custom Identifiers in the Reconciliation UI.

📚 Ledgers

Faster Ledger Queries: Performance improvements will enable faster querying of Ledger Account Category balances; categories with millions of accounts can be fetched in under 200ms.

Filter Enhancements: Users will be able to filter the Ledger Accounts page to view only accounts with nonzero posted balances. We will also fix an issue causing these filters to time out for some users.

Bulk Ledger Account Creation: The bulk requests API will support the creation of up to 1,000 Ledger Accounts in a single request.

Dashboard Design Update: We will update the design of filters and other pages in the dashboard for a cleaner, more intuitive experience.

Unledgered Amount Display: Users will be able to view the Unledgered Amount next to each bank transaction, showing any amount not yet recorded to the ledger.

Preset Payment Amounts: When ledgering a payment from the dashboard, the amount for both credit and debit entries will be preset to the payment amount.

Settlement ID Filter: Users will be able to filter Ledger Transactions in the dashboard by Settlement ID.

Currency Filter Fix: We will fix an issue on the Ledger Account page where a currency filter is ignored in search.

Dropdown Display Fix: We will fix an issue in which the Ledger Account Category dropdown persists on the screen when creating a Ledger Account.

Actions Button Fix: We will fix an issue where users can't access the actions button on Ledger Transactions table rows.