To get started with the Modern Treasury implementation, you will need a business bank account as well as the setup for direct transmission.
We have created a template email that ask for programmatic access to a First Republic Bank account which you can forward on to your respective banker. This template includes three of the five possible payment rails (ACH debit, ACH credit, and wires), assuming you'd like to move forward with maximum flexibility and don't require checks. If you would like to set up check printing and lockbox services, please be sure to reach out to your Modern Treasury account manager for assistance.
Please note that ACH debit will require the broadest set of compliance steps from the bank, as it allows you to charge other bank accounts. If you know that you will not be using ACH debit, then we recommend removing it from the emails below.
Once you're in touch with the technical advisor from FRB, we can help you fill out all the paperwork.
Template for FRB
We would like to enable Payments Transmission for our FRB accounts. We want to originate ACH Credits, ACH Debits, and Wire Transfers. We would also like to receive BAI2 file reporting as well as MT942 files.
We will be using Modern Treasury to transmit and receive these files through the Payments Transmission SFTP system.