Softwr

Accounting · head to head

Modern Treasury vs Recurly

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
Recurly logo

Recurly

Accounting

The subscription management platform built for growth

From
$249/month
Rated
-
Full reviewWebsite

The short version

  • Each has a real cost: 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.; Recurly starter is $249 a month plus 0.9 percent of billing volume above the first $40K, so the cost rises with revenue rather than with usage
  • They diverge on capability: Modern Treasury covers Multi-rail payment initiation, Recurly covers Subscription billing.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

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

Attributes where Modern Treasury and Recurly differ
AttributeModern TreasuryRecurly
Starting priceOn request$249/month
Pricing modelquotesubscription
PlatformsWebWeb, Api
FoundedUnknown2009

Identical on both: free tier (No), 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 Modern Treasury

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

Only in Recurly

  • Subscription billing
  • Revenue recovery
  • Payment gateway optimization
  • Analytics
  • API
  • Stripe
  • PayPal
  • Braintree

What people use each for

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

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 Recurly
  • A lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accountsnot Recurly
  • 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 Recurly
  • An insurer handling premium collection and claims payment across several rails with approval controls and an auditable trailnot Recurly

Recurly

  • Subscription billing and recurring invoicingnot Modern Treasury
  • Dunning and failed payment recoverynot Modern Treasury
  • Trials, plan changes and promotionsnot Modern Treasury
  • Revenue recognition through the RevRec add-onnot Modern Treasury
  • Shopify-native subscriptions with subscribe and savenot Modern Treasury

Where each one falls short

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

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.

Recurly

  • Starter is $249 a month plus 0.9 percent of billing volume above the first $40K, so the cost rises with revenue rather than with usage
  • All-Access is quoted at under 1 percent of billing volume with a $1M minimum, putting it out of reach of smaller merchants
  • Only one dunning campaign on Starter; multiple campaigns need All-Access
  • SSO, multicurrency and payments orchestration are All-Access only
  • Revenue recognition and the Engage churn tooling are separate add-ons at $850 and $1,600 a month

Pricing, plan by plan

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

Recurly

$249/month
  • Starter$249/month
    • Automated global subscription billing
    • Flexible plans and static churn-prevention tools
    • 1 dunning campaign
  • All-Access$null/month
    • Everything in Starter plus AI-powered agents and analytics
    • Intelligent churn-prevention with multiple dunning campaigns
    • Advanced pricing and promotions
  • All-Access for Shopify$null/month
    • Intelligent churn-prevention and customized bundles
    • Subscribe and save, prepaid/gift subscriptions
    • Hybrid subscription support and cancel-save flows

Which should you pick?

Choose Modern Treasury if

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

Choose Recurly if

  • You need subscription billing.
  • You work on Web, Api.
  • You also want revenue recovery.
Recurly review

Questions people ask

Is Modern Treasury or Recurly better?
Neither clearly leads. Modern Treasury starts at On request and Recurly at $249/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Modern Treasury or Recurly?
Modern Treasury starts at On request and Recurly at $249/month.
Does Modern Treasury or Recurly run on more platforms?
Modern Treasury runs on Web. Recurly runs on Web, Api.
What is Modern Treasury best used for?
Modern Treasury is most often used for a marketplace paying out to thousands of sellers that needs a ledger its application can trust rather than reconciling a payments dashboard by hand, a lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accounts, 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 programmes, an insurer handling premium collection and claims payment across several rails with approval controls and an auditable trail. Of those, a marketplace paying out to thousands of sellers that needs a ledger its application can trust rather than reconciling a payments dashboard by hand and a lender originating and servicing loans that must track disbursements, repayments and returns against its own bank accounts are not what Recurly is typically brought in for.
What can Modern Treasury do that Recurly cannot?
Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation. Recurly covers Subscription billing, Revenue recovery, Payment gateway optimization, Analytics.

Answered from the vendors’ own pages

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.

Recurly: What does Recurly's Starter plan cost?

Recurly Starter plan costs 249 USD monthly plus 0.9 percent of billing volume, with the first 40000 USD monthly volume included in the base fee.

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.

Recurly: What is the minimum commitment for Recurly's All-Access plan?

All-Access plans require a minimum 1 million USD annual commitment, billed annually at less than 1 percent of billing volume.

Source
Modern Treasury: Which rails are supported?

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

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.

Share

Related pages

More on Modern Treasury

More on Recurly

Keep looking

Other head to heads