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.
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.
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 timeinstitution_transaction_id field can be passed on transaction creation for internal reconciliation tracking.description field is optional by default but can be configured as required at the institution level.start_date is inclusive and end_date is exclusive. Results are based on the transacted_at timestamp in ET.