What is Modern Treasury?
Modern Treasury is a financial operations platform designed to streamline and automate the management invoices, payments, cash flow, and more. It provides a set of tools for companies to manage their payments, track cash positions, reconcile accounts, and manage complex financial workflows with greater efficiency.
Why has Climb moved to Modern Treasury?
With Modern Treasury's system of virtual accounts and one-stop-shop for direct invoice payment, we are able to improve our invoicing process and reconciliation. We also have improved our bank account management system, so we can now securely add/update bank accounts for school partners within one system.
What are some benefits of Modern Treasury?
- Virtual accounts to easily make direct payments
- Faster processing times
- Improved payment tracking
- Easily update payment information
- More easily track why payments are being made
How are payments made through Modern Treasury?
Your team can send an ACH payment through your preferred payment method directly on the invoice. If you'd prefer not to use ACH, you'll receive an new account number at the bottom of the invoice through which you can make direct payments tied to that invoice. Make sure you check each invoice for the account number to send the payment to.
If you opt for the ACH pay now option, Climb will debit the amount from your account.
Please note that on the new invoices, there will only be the line items that are now called Climb Servicing Charges (servicing fee, late/NSF fee, or upfront fee), rather than a fee listed by loan for each student.
What does a Modern Treasury invoice look like?
Click the file below to view a sample PDF