This cycle we released internal account linking for ledgers and improved validations on the reconciliation side-by-side tool. We have quite a few new upcoming features in the works, including expansions to MFA login, improvements to file importer speed for payments, and UI improvements for reconciliation tools.

Recently Released

📚 Ledgers

Link Internal Account to Ledger Account: Users can link their internal accounts with ledger accounts in order to perform Account Recon and compare balances.

Edit Ledger Accounts in UI: Users can now update Ledger Accounts in the dashboard.

✅ Reconciliation

Tentatively Reconciled Event Documentation: We released updated documentation on how tentatively reconciled events work at MT..

Improved Validations on the Side-by-Side: Users now receive streamlined error messages for invalid reconciliation states in the side-by-side.

Upcoming Changes

⭐️ indicates newly introduced upcoming changes

🧑‍💻 Platform

⭐️ Multi-Factor Authentication for non-SSO users: In order to encourage security best practices and help protect data stored in a customer's organization, we will allow admins to migrate all non-SSO users to multi-factor authentication. Tooling to support the migration will be provided. Details on timelines will be shared in the coming weeks.

⭐️ Updated Logic for Transaction Types: On 2/6 Modern Treasury will release updated logic for how we define the type field in our transaction object. This change will lead to greater accuracy as we support additional payment rails and geographies.

• Transaction type will now be inferred using an updated mapping between vendor codes, bank and currency;
• Upon reconciliation, transactions will now inherit the type of their reconciled payment order;
• Historical transaction records will be updated under this new logic. This will affect transactions available via UI, API and push to warehouse.

Payment Order Type and Expected Payment Type are unaffected. Additional documentation on this change can be found here. Please reach out to the support team if you have any concerns or questions.

⭐️ Faster Search: We are releasing broad improvements to search performance in parts of the app.

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.

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

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.

💵 Payments

⭐️ Increased Importer Speeds for High Volumes: We’re optimizing our system to boost the processing speed of our iso20022, ISO Payment Status, NACHA returns, and BAI2 file importers.

Sunday & Holiday Next Day ACH Processing with JPMC: Next day ACH payments submitted after Friday’s cutoff until 9:50 PM PT on Sunday or during bank holidays will clear by 8:30 AM PT the next business day.

Faster Payments Creation for Larger Volumes: To complement our new Bulk Request API and enhanced file origination performance, we are optimizing our Payment Order creation process. This improvement will significantly increase throughput for high-volume payment creation.

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.

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.

✅ Reconciliation

⭐️ Account Favoriting: Reconciliation and payments customers will be able to favorite internal accounts in the app for faster access during reporting and reconciliation.

⭐️ Improved Filters on the Overview Page: We will make our overview page more intuitive by introducing global filters across both metrics and internal account details.

⭐️ New Reconciliation Method Filter on Transactions: Users will be able to filter transaction by reconciliation method (automatic or manual).

⭐️ In-App Journal Entry Builder: Users will be able to create journal entry exports in-app to export to ERPs. This feature is currently in development with design partners. If interested, reach out to your CSM.

⭐️ Multi-System Reconciliation in App: We are deploying a new page for users to link Expected Payments and Payment Orders using entity linking in the app. This feature allows users to map payments and payment intents across multiple systems. For more information, read our guide here.

Audit Trails for Categorization Rules: Users will be able to see versions and history for Transaction categorization rules.

1:Many Reconciliation AI Suggestions: Users will receive suggestions for 1 Transaction to many Expected Payment reconciliation use cases, in addition to 1:1 suggestions that are available today.

Entity Linking Page: Users will be able to create links between Expected Payments and Payment Orders on a single unified page.

Journal Entry Exports: Users will be able to create journal entries in the app to send to ERPs.

Multi-System Reconciliation: Users will be able to define multi-legged payments to automatically reconcile data across multiple systems and financial institutions to confirm success or failure states.

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.

📚 Ledgers

Unlinked Ledger Entry Details in Account Recon: When viewing historical account variance in the /reconciliation page, users will be able to see where variance is caused by Ledger Transactions that are not linked to payments. Users will be able to investigate by filtering to unlinked Entries on a given Ledger Account.

Linked Ledgerable Details in UI: When viewing a bank transaction, users will be able to see associated Ledger Transactions in the Related Items details. Users will also be able to see linked Ledger Transaction information on Payment Order and Expected Payment objects.

Historical Ledger Statements: Users will be able to generate statements that show a set of Ledger Account or Category balances for each day over a range of dates, to support MTL and other reporting use cases.

More Scalable LACs: Ledger Account Categories will support containing up to 10M Ledger Accounts and up to 7 levels of nesting.

Improved Account Recon View Performance: We will improve performance of the /reconcile page for organizations with large numbers of Expected Payments and Ledger Transactions.

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.

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.