Modern Treasury Introduces Compliance Product to Ensure Compliant Money Movement from Day One

New Product helps companies get to market faster with AML compliance and fraud prevention built into payments from day one

Modern Treasury, a software platform that helps companies of all sizes modernize money movement, announced its Compliance product at the Smarter Faster Payments Conference 2022 hosted by Nacha. This addition to the Modern Treasury payment operations platform helps companies set up compliant payment programs without the heavy lifting typically required.

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“Our customers have been asking for a fully-integrated compliance offering, so that is what we built. With our new product, customers can buy a single suite of software that helps cover their payment operations and compliance needs”

The new offering is easy to implement and provides customers with KYC identity verification, transaction monitoring, and case management. It helps customers focus on their core business instead of managing multiple vendors and systems for compliance, fraud, and payment operations. Improving the compliance readiness of customers also helps make the bank diligence process easier for banks and allows customers to get to market faster.

Compliance further solidifies Modern Treasury as a one-stop shop for companies building products that move money. Companies typically stitch together a variety of products to build their compliance solution—which is complex and daunting, especially for startups. Compliance is available today via early access release.

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“Our customers have been asking for a fully-integrated compliance offering, so that is what we built. With our new product, customers can buy a single suite of software that helps cover their payment operations and compliance needs,” said Matt Marcus, Modern Treasury co-founder and Chief Product Officer. “By making it easier for companies to stand up a compliance program, we help bank partners approve customer use cases faster, significantly reducing the time it takes to go live with payments.”

Compliance key features include:

• Embeddable onboarding flow to collect customer information.

• KYC identity verification, including sanctions and adverse media screenings, and advanced device and behavior monitoring, for recognizing fraudulent actors and compliance issues.

• Transaction monitoring to minimize fraud and money laundering.

• Case management tools to streamline manual review processes.

• Risk assessments that combine machine learning with a rules engine.

Compliance is designed to help customers launch quickly. User onboarding flows and KYC checks can be integrated with a short code snippet. Transaction monitoring can be enabled for payment orders by changing one parameter on API calls.

In addition to the compliance and fraud products announced today, Modern Treasury offers payment operations products that can help companies move money, automatically reconcile inbound payments, and track transactions and balances.

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