Modern Treasury Launches Newly Expanded Reconciliation Engine

Modern Treasury has expanded its Reconciliation Engine designed for businesses with high-volume, complex funds flows.

The newly enhanced offering automates and simplifies cash reconciliation for lenders, insurance companies, payroll providers, software companies, healthcare and Health Savings Account (HSA) providers, investment platforms and marketplaces, the provider of a payment operations platform and developer tools said in a Monday (April 17) press release.

“Using Modern Treasury’s Reconciliation Engine, finance and treasury teams have the ability to run their operations more effectively, efficiently, and with real-time visibility and control,” Modern Treasury Co-founder and Chief Product Officer Matt Marcus said in the release.

PYMNTS research has found that manual reconciliation is at the top of finance executives’ list of bill payment headaches.

That is especially true in the healthcare industry, where more than half of finance executives cite manual reconciliation as their most pressing pain point, according to “The One-Stop Bill Pay Playbook,” a PYMNTS and Mastercard collaboration.

Modern Treasury’s Reconciliation Engine includes financial institution and processor integrations that enable the firm to cleanse and enrich any partners’ payments data, automated reconciliation powered by proprietary machine learning (ML) and artificial intelligence (AI) models, and a dashboard that provides a single, real-time source of truth for finance teams, according to the press release.

With these capabilities, the newly enhanced offering aims to eliminate the need to manually reconcile transactions or use homegrown tools, and solve the pain points of operational costs, bottlenecks and a lack of complete insight into finances, the release said.

“This is the first in a series of offerings we’ll be delivering over the coming months to extend the Modern Treasury operating system to help companies achieve efficient financial workflows, full data visibility and seamless data integrations,” Marcus said in the release.

Companies have a new appreciation for treasury services after the collapse of Silicon Valley Bank and the “mini” banking crisis it kicked off, Modern Treasury Co-Founder and CEO Dimitri Dadiomov told PYMNTS’ Karen Webster in an interview posted Friday (April 14).

Now, organizational leaders are increasingly updating their strategies to meet the “new normal” of economic uncertainty by seeking to modernize business processes and focus on fundamentals to reduce operating costs while setting a sustainable foundation for healthy growth, Dadiomov said at the time.

“Treasury has become more of a day-to-day topic for companies even at a relatively early stage,” Dadiomov said. “If you set things up correctly early on, it’s an enabler for not only a healthier and more sustainable business, but also a far safer and more resilient business.”

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