ModernFi Digital Deposit Network

The term “Digital Deposit Network” refers to the distributed allocation of funds from “sweeping” banks to “receiving” banks. Sweeping Banks are institutions participating in the ModernFi deposit network that move depositor funds off their balance sheet. Receiving Banks are the institutions that receive these funds from sweeping banks.

Depositors at sweep banks must opt into the deposit network, and ModernFi automatically rebalances their funds across receiving banks based on how many funds the depositor has, how much interest the receiving bank is paying, and other optimization rules.

What Miguel and I built includes, but is not limited to,

1. An internal ledger for tracking allocations from depositors at sweep banks to receive banks,
2. All key money movement functionality, which included integrating with our partner bank for wires,
3. Key portions of the linear optimization,
4. Product-facing APIs, which were exposed via the web app and depositor portal, and more…