The company says its payment operations and treasury management solutions have experienced “explosive growth”. The software enables users “to instantly close books with continuous accounting, manage payments and banking through a single platform, and have complete cash visibility”.
Last year, Modern Treasury customers reconciled $1 billion using its platform. The reconciliation volume on its platform grew an average of 23% per month throughout 2020.
According to the vendor, more than $18.5 trillion of business-to-business (B2B) payments are transacted in the US via wires, cheques and ACH payments, with more than half of those still made via cheques. Payments take up to three days to clear and are a labour-intensive process.
