Yup, it is SFTP for both sending files (initiating payments) and receiving files (getting balances, confirmations, etc). This is how most programmatic money movement was happening under the hood at SVB (and many other banks for that matter).
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Modern Treasury is a payment operations platform for high growth fintech companies and marketplaces. We're used by companies like Gusto, Pipe, Marqeta, BlockFi, and ClassPass to help them move and manage money at scale. We do over $2B in payments monthly and are growing rapidly, with $133M in backing from YC, Benchmark, Altimeter, and angel investors like Paul Graham and Jessica Livingston.
You might have seen some of our content on HN, like "Adding Optimistic Locking to an API": https://news.ycombinator.com/item?id=28314623 We work on fun, hard problems like this that help the most innovative companies in the world grow faster.
If this sounds interesting to you, send me an email. I'm matt (at) moderntreasury (dot) com. Or apply on our jobs page https://www.moderntreasury.com/careers?utm_source=yYPEbOqnBd
Modern Treasury is a payment operations platform for high growth fintech companies and marketplaces. We're used by companies like Gusto, Pipe, Marqeta, BlockFi, and ClassPass to help them move and manage money at scale. We do over $2B in payments monthly and are growing rapidly, with $133M in backing from YC, Benchmark, Altimeter, and angel investors like Paul Graham and Jessica Livingston.
You might have seen some of our content on HN, like "Adding Optimistic Locking to an API": https://news.ycombinator.com/item?id=28314623 We work on fun, hard problems like this that help the most innovative companies in the world grow faster.
If this sounds interesting to you, send me an email. I'm matt (at) moderntreasury (dot) com. Or apply on our jobs page https://www.moderntreasury.com/careers?utm_source=yYPEbOqnBd
Modern Treasury is a payment operations platform for high growth fintech companies and marketplaces. We're used by companies like Gusto, Pipe, Marqeta, BlockFi, and ClassPass to help them move and manage money at scale. We do over $2B in payments monthly and are growing rapidly, with $133M in backing from YC, Benchmark, Altimeter, and angel investors like Paul Graham and Jessica Livingston.
You might have seen some of our content on HN, like "Adding Optimistic Locking to an API": https://news.ycombinator.com/item?id=28314623 We work on fun, hard problems like this that help the most innovative companies in the world grow faster.
If this sounds interesting to you, send me an email. I'm matt (at) moderntreasury (dot) com. Or apply on our jobs page https://www.moderntreasury.com/careers?utm_source=yYPEbOqnBd
Modern Treasury is a payment operations platform for high growth fintech companies and marketplaces. We're used by companies like Gusto, Pipe, Marqeta, BlockFi, and ClassPass to help them move and manage money at scale. We do over $2B in payments monthly and are growing rapidly, with $133M in backing from YC, Benchmark, Altimeter, and angel investors like Paul Graham and Jessica Livingston.
You might have seen some of our content on HN, like "Adding Optimistic Locking to an API": https://news.ycombinator.com/item?id=28314623 We work on fun, hard problems like this that help the most innovative companies in the world grow faster.
If this sounds interesting to you, send me an email. I'm matt (at) moderntreasury (dot) com. Or apply on our jobs page https://www.moderntreasury.com/careers?utm_source=yYPEbOqnBd
Modern Treasury is a payment operations platform for high growth fintech companies and marketplaces. We're used by companies like Gusto, Pipe, Marqeta, BlockFi, and ClassPass to help them move and manage money at scale. We do over $2B in payments monthly and are growing rapidly, with $133M in backing from YC, Benchmark, Altimeter, and angel investors like Paul Graham and Jessica Livingston.
You might have seen some of our content on HN, like "Adding Optimistic Locking to an API": https://news.ycombinator.com/item?id=28314623 We work on fun, hard problems like this that help the most innovative companies in the world grow faster.
If this sounds interesting to you, send me an email. I'm matt (at) moderntreasury (dot) com. Or apply on our jobs page https://www.moderntreasury.com/careers?utm_source=yYPEbOqnBd
Modern Treasury is a payment operations platform for high growth fintech companies and marketplaces. We're used by companies like Gusto, Pipe, Marqeta, BlockFi, and ClassPass to help them move and manage money at scale. We do over $2B in payments monthly and are growing rapidly, with $48M in backing from YC, Benchmark, Altimeter, and angel investors like Paul Graham and Jessica Livingston.
You might have seen some of our content on HN, like "Adding Optimistic Locking to an API": https://news.ycombinator.com/item?id=28314623 We work on fun, hard problems like this that help the most innovative companies in the world grow faster.
If this sounds interesting to you, send me an email. I'm matt (at) moderntreasury (dot) com. Or apply on our jobs page https://www.moderntreasury.com/careers?utm_source=yYPEbOqnBd
Modern Treasury is a money movement platform for high growth fintech companies and marketplaces. We're used by companies like Gusto, Pipe, Marqeta, BlockFi, and ClassPass to help them move and manage money at scale. We do over $2B in payments monthly and are growing rapidly, with $48M in backing from YC, Benchmark, Altimeter, and angel investors like Paul Graham and Jessica Livingston.
You might have seen some of our content on HN, like "Adding Optimistic Locking to an API" last week: https://news.ycombinator.com/item?id=28314623 We work on fun, hard problems like this that help the most innovative companies in the world grow faster.
If this sounds interesting to you, send me an email. I'm matt (at) moderntreasury (dot) com. Or apply on our jobs page https://jobs.ashbyhq.com/moderntreasury?departmentId=ee54bd6...
From the example in the release:
["a", "b", "c", "b"].tally
#=> {"a"=>1, "b"=>2, "c"=>1}
list.each_with_object(Hash.new(0)) { |v, h| h[v.something] += 1 }It's not clear to me why the market pull for ISAs has grown so much recently, although I am happy to see it as an alternative to debt. Perhaps it's the increasing student loan debt burden in the US? Perhaps capital markets opening up to ISAs as an investment vehicle as well?
Like some of the other comments said, ACH payments are handled by a middle man(The Clearing House/FedACH). In terms of speed, this is what their current guidance is:
"Specifically, the Nacha Operating Rules require that ACH credits settle in one to two business days and ACH debits settle on the next business day. Recent enhancements to the Nacha Operating Rules now enable same-day settlement of virtually all ACH transactions."
(https://www.nacha.org/news/what-ach-quick-facts-about-automa...)
For what you're asking about with check reversals, there are protections that let you challenge payments after they have "cleared". ACH payments from individuals can be challenged for up to 60 days and for businesses, up to 3 days (although sometimes banks will let you do it beyond that window).
ACH is built to be reversible. If you want avoid that, you can use wires or (soon) RTP.
It can be difficult to distill comprehensive tips for body health into a short post, so feel free to post any questions you might have. I'd be happy to make recommendations or clarify any points from the post. :)