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Modern Treasury to Challenge SWIFT by Launching Global ACH

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Modern Treasury has introduced Global ACH, a service that takes advantage of local payment infrastructure to facilitate cross-border payments. The service will be offered through Silicon Valley Bank.

According to the Modern Treasury statement, Global ACH represents a faster and cheaper alternative to Swift payments as well as other third-party options that mark up FX transactions through the ACH- and RTP-equivalents of nations’ local payment rails.

The company asserts that there are no lifting fees or unknown transaction fees in its offering, which gives payees greater predictability.

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Global ACH is expected to be adopted by companies in marketplaces where users and suppliers are paid internationally, shipping and logistics firms, financial services providers, those with many international suppliers/contractors, and software providers dealing with global payments or facilitating remittances.

“Payments are in the midst of a massive transformation, and it’s critical that we support our customers with an international footprint in the same way we support them domestically,” Modern Treasury CEO Dimitri Dadiomov comments.

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