Interest Payment and Monthly Settlement

NBID / ModernFi is responsible for calculating and facilitating payment of all interest earned and owed on funds held in the deposit network each month. Interest on balances in the network is accrued daily and paid monthly.

For interest earned by your individual clients, your bank determines the interest rate earned. This interest rate is set by your bank during the account opening process and can be changed at any time through the Admin Portal.

Settlement Process

On the final day of each month, ModernFi will provide your institution with an End of Month Interest Statement detailing interest due to depositors, fee income earned from the network, and fee expense owed to the network.
All month end payments must be wired to the network prior to 2:00PM ET on the first business day of the month.
Interest owed to individual clients will then be credited to the clients’ network accounts by ModernFi that same day. Your bank is not responsible for directing/processing these individual payments.

ModernFi will support you with data to manage your program on a daily basis. Standard reports are generated daily for each institution, outlining all key data points needed to manage and account for the program. Data captured in these reports includes total balances in program, interest accrued, account and program interest rates, transaction and account activity, and wire activity.

Additionally, ModernFi produces monthly settlement and reconciliation reports your institution can leverage to assist with accounting and core reconciliation. Data captured in these reports includes total deposits in the network, total deposits received from the network, accrued interest, interest expense, fee income earned, and fee expense due.