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Accounting · head to head

Modern Treasury vs Workiva

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
Workiva logo

Workiva

Accounting

Connected reporting platform for SEC filings, iXBRL tagging, SOX and sustainability disclosure

From
On request
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.; Workiva pricing is quoted per solution and per user and is not published, and because moving a filing cycle off the platform carries deadline risk, renewal negotiations favour the vendor heavily.
  • They diverge on capability: Modern Treasury covers Multi-rail payment initiation, Workiva covers Linked data.
  • Prices and features above were last checked on 31 August 2026.

Where they differ

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

Attributes where Modern Treasury and Workiva differ
AttributeModern TreasuryWorkiva

Identical on both: starting price (On request), pricing model (quote), 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 Modern Treasury

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

Only in Workiva

  • Linked data
  • Inline XBRL tagging
  • SEC filing
  • SOX and controls
  • Sustainability reporting
  • Audit trail
  • Collaboration
  • Data connectors

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

Workiva

  • A newly public company facing its first 10-K where the tie-out process in Word and Excel is not survivable at the deadlinenot Modern Treasury
  • A European group preparing CSRD sustainability disclosure that must be assurance-ready rather than a marketing documentnot Modern Treasury
  • A finance team whose auditors keep raising review points about version control and unsupported changes in the reporting packnot Modern Treasury
  • A group with several statutory filers that wants one set of numbers feeding many jurisdictional reportsnot 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.

Workiva

  • Pricing is quoted per solution and per user and is not published, and because moving a filing cycle off the platform carries deadline risk, renewal negotiations favour the vendor heavily.
  • Cost is difficult to justify for smaller filers whose reporting burden is a single 10-K a year, where an outsourced financial printer is cheaper.
  • Getting the initial linked-data structure right is a substantial project, and companies that rush the first cycle end up with links that break and a manual tie-out anyway.
  • The spreadsheet interface is deliberately not Excel and finance teams accustomed to Excel keyboard behaviour and modelling features find it slower for anything analytical.
  • ESG and sustainability modules were added later than the financial reporting core and buyers report them as less mature, so a company buying primarily for CSRD is buying the newer and weaker half of the product.

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

Workiva

On request
  • Workiva Platform$undefined/year
    • Linked data across documents and spreadsheets
    • SEC and ESEF filing with iXBRL tagging
    • SOX, internal audit and statutory reporting modules

Which should you pick?

Choose Modern Treasury if

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

Choose Workiva if

  • You need linked data.
  • You also want inline xbrl tagging.
Workiva review

Questions people ask

Is Modern Treasury or Workiva better?
Neither clearly leads. Modern Treasury starts at On request and Workiva at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Modern Treasury or Workiva?
Modern Treasury starts at On request and Workiva at On request.
Does Modern Treasury or Workiva run on more platforms?
Both run on Web, so platform support will not decide this one for you.
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 Workiva is typically brought in for.
What can Modern Treasury do that Workiva cannot?
Modern Treasury covers Multi-rail payment initiation, Bank connectivity, Ledgers, Automatic reconciliation. Workiva covers Linked data, Inline XBRL tagging, SEC filing, SOX and controls.

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.

Workiva: Does Workiva do the XBRL tagging for me?

The platform provides tagging tools and validation, and Workiva offers services, but the tagging judgement remains the filer's responsibility.

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.

Workiva: Is it only for US SEC filers?

No. It supports European ESEF filings, statutory reporting in several jurisdictions and sustainability frameworks such as CSRD and ISSB.

Modern Treasury: Which rails are supported?

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

Workiva: What does it cost?

Not published. Expect tens to hundreds of thousands of dollars a year depending on solutions and user count.

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.

Workiva: Can it replace our consolidation system?

No. It reports on consolidated numbers and connects to ERP and consolidation tools, but it does not perform the consolidation.

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