Check out this cycle's release notes for notable upcoming changes to MT's Ledgers product. As always, reach out to the team if you have any questions.

Upcoming Changes

⭐️ indicates newly introduced upcoming changes

🧑‍💻 Platform

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.

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

Payment Batch Metadata via API & Webhooks: We will expose batch-level context in the Payment Order API and webhook events to improve transparency. This will enable faster troubleshooting outside of the UI.

Security Enhancements to External Accounts: It will no longer be possible to create Payment Orders using External Accounts that are in the Pending Approval state. This ensures that payments aren’t sent to External Accounts that haven’t been approved. This change will apply to External Account creation and updates.

Payment Templates: Customers will be able to configure Templates for Payment Orders. Templates allow finance and treasury teams to standardize how payment orders are created by defining preset values, required fields, and locked settings. This structure reduces manual errors, ensures compliance, and makes manual payment processing more efficient.

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.

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

Incoming Payment Detail <> Transaction Reconciliation Update : When an IPD and Transaction are reconciled, the IPD will always appear under a Transaction's Related Items, not Reconciled Items. This linkage will not mark the Transaction as reconciled or partially reconciled. Note that this change was already applied to some users.

Paper Item Deprecation: Users will no longer see Paper Items in the UI; all related functionality will be transitioned to Incoming Payments of type Check. More details to come; please contact support if you have any questions.

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.

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

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

📚 Ledgers

⭐️ Creating LTs on Lock Failure: We plan to add an archive_on_lock_failure parameter on Ledger Transaction Creation. If a Ledger Transaction is created with this parameter and fails due to an insufficient balance, an archived Ledger Transaction will be created, recording the failure. This is useful for cases like card authorization to record failed authorizations.

⭐️ Waterfall Spend Logic: Users will be able to associate Ledger Account Categories with a ranked list of Ledger Accounts to pull funds from. If funds are pulled directly from these Categories, Modern Treasury will automatically draw down from each associated Ledger Account until it reaches zero.

⭐️ Fund Flows: Users will be able to create custom groupings of Ledger Transactions to represent fund flows or end-to-end transactions. Fund flow views will be available in the Ledgers UI and will support the visualization of users' end-to-end payment workflow, including the individual Ledger Transactions and overall ledger impact of your fund flow.

⭐️ External_id on Ledger Accounts: We will support a unique external_id field on Ledger Accounts, as we do on Ledger Transactions.