Transaction Records and Sweeps

Transaction records represent internal money movements at the source institution between the program omnibus account and a linked depositor account (savings, checking, etc.). By sharing these records with ModernFi, ModernFi is able to determine the balance of funds available to sweep into the deposit network at the depositor account level. Deposits (credits) flow into the network; withdrawals (debits) reverse the flow. ModernFi’s custodian handles allocation to receiving institutions.

Before creating transactions, a depositor and an associated account must exist. All API operations execute in real time, transactions are recorded and reflected immediately, with no batch processing window.

Transaction Lifecycle


Status	Can Transition To	Notes
PENDING	POSTED or CANCELLED	Initial state for all transactions. Credits can be manually moved to POSTED. Debits can only be CANCELLED (not manually posted).
POSTED	Terminal	Credits move here after the institution confirms settlement. Debits are posted automatically by ModernFi after allocation. Cannot be cancelled.
CANCELLED	Terminal	Only available for PENDING transactions. Cannot cancel a debit locked in allocation. Cannot cancel any POSTED transaction.

Credits vs. Debits

The sign of the transaction amount determines its type. ModernFi provides more flexibility on credits than debits due to allocation constraints on the debit side.


	CREDIT (Deposit)	DEBIT (Withdrawal)
Amount	Positive value	Negative value
Effect	Sweeps funds INTO the network	Pulls funds OUT of the network
Initial Status	PENDING	PENDING
Move to POSTED	Institution updates via API when funds settle	ModernFi posts automatically after allocation
Cancel	Yes - while PENDING	Yes - unless locked in allocation
Flexibility	More flexibility available	More restrictive - allocation constraints apply

Transaction Timestamps

Two timestamp fields give you control and visibility over transaction timing:

Transacted_at: the effective date of the transaction. Backdating and future-dating are both supported, allowing you to reflect when a transaction economically occurred regardless of when it was submitted to the API.
posted_at: set automatically when a PATCH request is made to post a credit. Reflects when the update request was received, not the downstream settlement time

Note:

An optional institution_transaction_id field can be passed on transaction creation for internal reconciliation tracking.
The description field is optional by default but can be configured as required at the institution level.
When filtering transactions by date range, start_date is inclusive and end_date is exclusive. Results are based on the transacted_at timestamp in ET.
Credits should not be posted until funds have settled in the program account, timing is critical for accurate interest accruals.
Transactions that would result in an account overdraft will be rejected.
Once any transaction reaches POSTED status, it is final and cannot be cancelled or reversed.
A debit cannot be cancelled once its funds are locked in allocation. Confirm withdrawal intent before creating debit transactions.