SAN FRANCISCO--(BUSINESS WIRE)--Modern Treasury, essential infrastructure for the new era of payments, today introduced new innovations to its Reconciliation product and AI tools to help companies automate complex reconciliation challenges. Reconciliation is powered by the RISE engine, Modern Treasury’s proprietary technology that relays, integrates, structures, and enhances financial workflows; these refinements enable companies to reconcile with precision at scale.
“Reconciliation at scale is a huge challenge for companies with complex payment flows, and these hurdles can negatively impact cash visibility, auditability of payments, customer experience, and company performance,” said Matt Marcus, Modern Treasury Chief Product Officer and Co-Founder. “We’ve moved over $100 billion in payments on our platform, and this scale gave us a front-row seat to reconciliation challenges faced by our largest customers. With our enhanced reconciliation product, we’re bringing together the power of our automated platform assisted by AI to transform financial workflows, increasing efficiency and minimizing the risk that comes with manual reconciliation at scale.”
Key Enhancements to Reconciliation include:
- AI-powered data ingestion. With the assistance of AI, users can effortlessly configure data pipelines for seamless data mapping and normalization. These data pipelines are accessible via CSV upload for manual workloads and API for automation.
- AI-powered match and rule suggestions. AI suggests match and reconciliation rules, increasing reconciliation speed. Pattern recognition within the company's dataset enables faster automation, achieving reconciliation rates of 90%-100%.
- Rule customization. Companies can configure reconciliation rules based on specific parameters—without writing a single line of code.
- Account reconciliation. Account reconciliation enables teams to identify and remediate variances between their accounts and their ledger, leading to faster reconciliation.
“Modern Treasury's reconciliation product has become critical for our daily operations. It ensures we're always in the loop once cash hits our accounts, allowing us to quickly and accurately compensate the agents on our platform,” said Katie Castro, Director of Payments at Side, a top real estate brokerage platform.
Read more about our reconciliation product enhancements here.
About Modern Treasury
Modern Treasury is essential infrastructure for the new era of payments, helping companies unlock growth, enhance customer experiences, and drive efficiency. The payment operations platform and best-in-class developer help companies move, track, and reconcile money in real-time. Founded in 2018, San Francisco-based Modern Treasury serves leading companies across broad sectors of the economy and is backed by investors Altimeter Capital, Benchmark, and Y Combinator.
