Account Structure

ModernFi uses a simple account structure to facilitate its deposit network.

Program Omnibus Account

For institutions sweeping deposits off-balance sheet or reciprocating deposits, a single program omnibus account is opened at the institution to facilitate the sweep. Deposits move from this program omnibus account into and out of the network of receiving institutions — specifically, from the program omnibus account to a settlement account at ModernFi’s custodian, where they are allocated to receiving institutions.

Depositor Accounts

The program omnibus account is subledgered at the depositor level. ModernFi tracks individual balances and transaction history for each depositor within the omnibus. A single depositor can have multiple accounts, each funded through internal transfers from the depositor’s existing bank accounts.

In the ModernFi API, these are referred to as accounts. Each account belongs to a depositor and holds its own balance and transaction history.