As you submit a payment order, Modern Treasury keeps an active log on where that payment is from start to completion. The status will change based on where the payment is in the processing stages.

Here are the stages you will see:

  • Needs approval - The PO needs at least one approval before it can be sent to the bank. Note that if the effective date on the payment order has been passed, but the payment order isn’t approved yet, it will be sent to the bank at the earliest time after it is approved.
  • Approved - The PO has been approved and will be sent to the bank.
  • Sent - The PO has been sent to the bank. It may remain in this state for up to a few days, depending on the type of payment.
  • Completed - The PO has been reconciled to a posted bank transaction. At this point, we know the payment occurred, and your account will have been debited or credited.
  • Returned - The PO has been returned. There is typically an associated return code with more information (see Returns section of app for more information).
  • Failed - This status is rare but may happen if there is an error at the bank.
  • Denied - The PO has been denied and this is a terminal state.
  • Cancelled - The PO was cancelled and this is a terminal state.

A PO will move into sent when the cutoff is met and the payment has been processed. The PO does not move into completed until the funds have officially posted.

Note that wires will move from approved to sent faster than ACH, however in both cases, these are not instantaneous payment methods. A domestic wire will move into the "Sent" status faster but may take a few hours or a business day to be completed.

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