Topics

Reports

ModernFi aims to provide transparency to both financial institutions and their depositors. To achieve this, ModernFi offers detailed reporting available via a suite of Reporting API endpoints. The data returned from these endpoints may be used for the institution’s own internal tracking or for delivery to depositors with access to an insured sweep account.

Daily reporting

  • Daily Program Account Report: Provides the institution’s previous day balance, current balance, and accrued interest for funds in the omnibus account, allocated throughout the deposit network, and reciprocated to the institution’s receiving account.
  • Daily Depositor Report: Provides each in-program depositor’s previous day balance, current balance, and accrued interest for funds in the omnibus account and allocated throughout the deposit network.
  • Daily Allocation Report: Shows the institution’s current allocation of depositor funds throughout the deposit network.
  • Daily GL Postings: Shows the day-over-day net change of GL accounts at the institution level. Values represent activity for that day only, not cumulative balances.
  • Daily GL Balances:Displays cumulative GL account balances as of the current day, for use in manual review and reconciliation.
  • Trial Balance: Account-level detail including each account’s current interest rate, interest accrued for the day, and running balance. Used to reconcile sweep program activity with core banking systems.

Monthly reporting

  • Monthly Depositor Report: Provides a specific depositor’s previous month-end balance, current balance, and month-to-date accrued interest for funds in the omnibus account and allocated throughout the deposit network.
  • Monthly Program Account Report: Provides the institution’s previous month-end balance, current balance, and month-to-date accrued interest for funds in the omnibus account, allocated throughout the deposit network, and reciprocated to the institution’s receiving account.
  • Monthly Depositor Statements: Month-end account statements for depositors. 
  • End of Month Interest Statement: Monthly settlement summary detailing interest due to depositors, fee income earned from the network, and fee expense owed to the network.

Annual reporting

  • 1099-INT Tax Forms:  ModernFi generates annual 1099-INT tax forms for all depositors with interest-bearing accounts in the network.