Modern Treasury Expands Unified Payments API with Check Support
Event summary
- Modern Treasury's Payment Service Provider (PSP) now supports physical and digital check payments, adding to its existing ACH, wires, RTP, FedNow, push-to-card, and stablecoin capabilities.
- The Federal Reserve reports 9.2 billion checks are used annually, representing $24.45 trillion in volume.
- Checks remain critical for industries like insurance, legal, construction, real estate, healthcare, and unclaimed property administration.
- Modern Treasury has powered over $600 billion in payments for hundreds of organizations.
The big picture
Modern Treasury's move underscores the enduring relevance of checks in high-value industries, despite the rise of instant payment rails. The addition of check support to its unified API positions the company as a one-stop shop for businesses needing to manage diverse payment methods. With over $600 billion in payments processed, Modern Treasury is leveraging its scale to simplify operational complexity for enterprises.
What we're watching
- Adoption Pace
- How quickly enterprises will integrate check support into their existing payment workflows.
- Competitive Response
- Whether competitors will accelerate their own unified payments solutions to match Modern Treasury's expanded capabilities.
- Regulatory Compliance
- The impact of evolving regulations on the use and processing of physical and digital checks.
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