As David Haber & Seema Amble wrote in their article, “How to Move Money in the 21st Century,” there is a massive opportunity to enable better payment & banking operations tools designed for software platforms, marketplaces, and fintechs that need to automate newly embedded financial services in order to scale their fintech operations.
Banks have been using dedicated Payment Hubs & Translation Layers to manage payment workflows for years. See Finastra Fusion Global Pay Plus, FIS Payment Hub Quantum Edition, Fiserv Enterprise Payments, and Volante’s VolPay.
Modern Treasury is leading the charge as we rethink the application of Payment Hubs for marketplaces & digital platforms. MT has pre-built integrations with more than 15 banks so Corporate Treasurers can automate painful manual entries & difficult reconciliations that used to require hiring a full team of people to manage. Further, companies are no longer held hostage by their bank they can easily compare prices and negotiate for better deals at any of the banks supported by MT.
I loved having Sam Aarons on the podcast and look forward to watching this rocket ship continue to take flight. Please have a listen.
The Payment Operations Rocket Engine