The funding occurs amid growth for Modern Treasury’s payment operations and treasury management solutions, which enable companies to instantly close books with Continuous Accounting, manage payments and banking through a single platform, and have complete cash visibility.
Annually more than USD 18.5 trillion of business-to-business payments are transacted in the US via wires, checks, and ACH payments, with almost half of those still made via check. Payments take 1 to 3 days to clear and finance teams spend hours tracking them from initiation to approvals to accounting to reporting.
Modern Treasury automates each step of the process. Its software replaces decades-old legacy systems. It makes it easy for growing companies to connect with banks over API. And it enables rapidly growing Real-Time Payments, or RTP.
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