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Accounting · head to head

Fiken vs Modern Treasury

Fiken logo

Fiken

Accounting

Norwegian accounting software for sole proprietors and small companies

From
219/month
Rated
-
Full reviewWebsite
Modern Treasury logo

Modern Treasury

Accounting

Payment operations and ledger infrastructure that sits between your product and your own bank accounts

From
On request
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: Fiken bank integration available only as add-on (69 NOK/month); Modern Treasury you must already have or be able to obtain your own bank accounts with the right connectivity, so early stage companies without a banking relationship cannot use it and are pushed towards a sponsor bank model instead.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

Only the attributes on which Fiken and Modern Treasury actually diverge.

Attributes where Fiken and Modern Treasury differ
AttributeFikenModern Treasury
Starting price219/monthOn request
Pricing modelsubscriptionquote

Identical on both: free tier (No), platforms (Web), user rating (Not yet rated), category (Accounting).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Fiken

Nothing recorded that Modern Treasury does not also cover.

Only in Modern Treasury

  • Multi-rail payment initiation
  • Bank connectivity
  • Ledgers
  • Automatic reconciliation
  • Approval workflows
  • Virtual accounts
  • Compliance tooling
  • Return and exception handling

What people use each for

The jobs each tool is most often brought in to do.

Fiken

  • Solo accounting and invoicing for small businessesnot Modern Treasury
  • Multi-user accounting collaboration at no extra costnot Modern Treasury
  • Invoice management with EHF e-invoice supportnot Modern Treasury
  • Bank integration for transaction trackingnot Modern Treasury

Modern Treasury

  • A marketplace paying out to thousands of sellers that needs a ledger its application can trust rather than reconciling a payments dashboard by handnot Fiken
  • A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot Fiken
  • A company that wants to move off a banking as a service provider and hold its own bank accounts after seeing sponsor banks offboard fintech programmesnot Fiken
  • An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot Fiken

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Fiken

  • Bank integration available only as add-on (69 NOK/month)
  • Project accounting requires separate add-on (69 NOK/month)
  • Payroll and employee features cost extra (69 NOK/month)
  • Physical mail invoicing costs 25 NOK per invoice

Modern Treasury

  • You must already have or be able to obtain your own bank accounts with the right connectivity, so early stage companies without a banking relationship cannot use it and are pushed towards a sponsor bank model instead.
  • Pricing rests on an annual minimum commitment, and companies that miss their volume forecast pay the minimum regardless, which makes the headline per-transaction rate close to irrelevant in year one.
  • Supported bank connectivity is a finite list, so if your bank is not on it you are either waiting for an integration or changing banks, which is a far larger project than adopting the software.
  • It is software over banking, not banking, so it does not solve card issuing, deposit accounts or the licensing questions that a company embedding financial products still has to answer elsewhere.
  • The ledger is genuinely good but adopting it properly means making it the source of truth for balances in your product, which is a significant application change rather than a payments integration and is where implementations run long.

Pricing, plan by plan

Fiken

219/month
  • Base Plan$219/month
    • Complete accounting functionality
    • Unlimited invoice sending via email and EHF
    • Unlimited user accounts

Modern Treasury

On request
  • Modern Treasury Platform$undefined/year
    • Platform access fee covering API, dashboard, infrastructure and support
    • Usage-based fees across ACH, wires, RTP, FedNow, push to card, cheques and stablecoins
    • A single annual minimum commitment that both platform and usage fees count towards

Which should you pick?

Choose Fiken if

Nothing in the data separates Fiken from Modern Treasury on the points above - pick on price and on how each one feels to use.

Fiken review

Choose Modern Treasury if

  • You need multi-rail payment initiation.
  • You also want bank connectivity.
Modern Treasury review

Questions people ask

Is Fiken or Modern Treasury better?
Neither clearly leads. Fiken starts at 219/month and Modern Treasury at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Fiken or Modern Treasury?
Fiken starts at 219/month and Modern Treasury at On request.
Does Fiken or Modern Treasury run on more platforms?
Both run on Web, so platform support will not decide this one for you.
What is Fiken best used for?
Fiken is most often used for solo accounting and invoicing for small businesses, multi-user accounting collaboration at no extra cost, invoice management with ehf e-invoice support, bank integration for transaction tracking. Of those, solo accounting and invoicing for small businesses and multi-user accounting collaboration at no extra cost are not what Modern Treasury is typically brought in for.
What can Fiken do that Modern Treasury cannot?
Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation.

Answered from the vendors’ own pages

Fiken: Is there a free trial for Fiken?

Yes, Fiken offers a 30-day free trial with no credit card required. After the trial, the base plan costs 219 NOK per month.

Source
Modern Treasury: Is Modern Treasury a bank or a banking as a service provider?

Neither. You hold your own bank accounts and it is software over them. That avoids sponsor bank concentration risk but means you need the bank relationship yourself.

Fiken: Do additional users cost more on Fiken?

No, Fiken includes unlimited user accounts at no extra cost on the base plan.

Source
Modern Treasury: What does it cost?

Not published. A platform access fee plus usage fees across rails, on an annual term with a single minimum commitment. Negotiate the minimum, not the per-transaction rate.

Fiken: What add-ons are available and how much do they cost?

Monthly add-ons include bank integration, project accounting, KID number system, and API access (69-99 NOK each). Time tracking, payroll, and expense reimbursements also cost 69 NOK per month. Annual tax filing costs 1,290 NOK for sole proprietors or 1,590 NOK for limited companies.

Source
Modern Treasury: Which rails are supported?

ACH, wires, RTP, FedNow, push to card, cheques and stablecoin payments, subject to what your bank supports.

Fiken: What are the per-transaction costs?

SMS invoicing costs 3 NOK, e-invoicing via Vipps costs 5 NOK, physical mail invoicing costs 25 NOK, and credit checks cost 15 NOK per transaction.

Source
Modern Treasury: Do we still need our own compliance programme?

Yes. KYB, KYC and transaction monitoring are included in the platform, but you are the one holding the accounts and the regulatory obligation sits with you and your bank.

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