Playbook: V1 Payment Transition Guide

When the platform launched the V2 rewrite, all existing payment records were migrated to the new format. However, some ACH debits and wires that were already in-flight at the time of the switch continue to settle through Citizens Bank (the old system). These payments will not appear automatically in the new Modern Treasury dashboard — they need to be tracked and resolved manually.

This guide explains what is happening, how to keep track of progress, and how to resolve each payment.

What Happened

Before the rewrite, payments were processed through Astra (the old payment provider) and settled into Citizens Bank accounts managed via SPV Business Profiles. The rewrite migrated the platform to Modern Treasury, where each SPV now has a new Virtual Account with different bank account numbers.

During the migration:

• Every historical payment record (Transfer) was converted into a Payment Order tagged as V1 era and Legacy Migration provider.
• Payments that had already completed were marked as completed — no action needed.
• Payments that were still in-flight (submitted, processing, or awaiting wire) were preserved in their current status.

The key point: in-flight V1 payments will settle into Citizens Bank, not Modern Treasury. The new system has no way to automatically detect when these payments land. They must be resolved by matching them against Citizens Bank statements.

How to Find In-Flight V1 Payments

1. Go to Payment Orders in the admin panel
2. Filter by Era = V1
3. Filter by Status = Submitted or Processing

These are the payments that were in-flight when the migration happened. Each one represents money that was pulled from an investor's bank account via Astra and is settling (or has already settled) into a Citizens Bank account.

You may also see V1 Payment Orders with status Pending. These represent payments that were created but never submitted to Astra. They can typically be cancelled if no longer needed.

How to Resolve Each Payment

When a V1 in-flight payment settles, it will appear as a credit in a Citizens Bank statement. Here is how to reconcile it:

Step 1: Import the Citizens Bank Statement

Continue importing Citizens Bank statements as usual via the Bank Transactions page. The import process will create Bank Transaction records and attempt to match them to Payment Orders.

Step 2: Find the Matching Bank Transaction

Go to Bank Transactions and look for unmatched credits (money in) with amounts that correspond to in-flight V1 Payment Orders. Check the payer name, amount, and date.

Step 3: Match and Confirm

Once you identify the correct Bank Transaction:

1. Click into the Bank Transaction detail page
2. Use the Match action to link it to the correct Payment Order
3. Click Confirm Match to mark the Payment Order as completed

This updates the Payment Order status to Completed, marks the investment as funded (if fully paid), and records the appropriate ledger entry.

Step 4: Verify

After confirming the match:

• Check that the Payment Order status is now Completed
• Check that the Investment status updated correctly (funded if fully paid, or still pending if partial)
• Check the Ledger tab on the SPV page to confirm the entry was recorded

What NOT to Do

• Do not click "Check Status" on V1 payments. The old payment provider (Astra) is no longer connected. The system will show an error indicating the payment cannot be polled. This is expected and harmless, but it will not give you useful information.
• Do not create new V2 Payment Orders to cover V1 in-flight amounts. The money is already in-flight via Astra. Creating a duplicate would result in the investor being charged twice.
• Do not manually adjust the ledger for V1 in-flight payments. The normal reconciliation flow (import statement, match, confirm) handles ledger recording automatically.

How to Know When You Are Done

The transition is complete when all of the following are true:

1. Zero in-flight V1 Payment Orders. Filter Payment Orders by Era = V1 and check that none remain in Submitted or Processing status. Every V1 payment should be in a terminal status: Completed, Failed, Returned, or Cancelled.
2. Citizens Bank statements show no new activity. After 30 days with no new transactions appearing in Citizens Bank statements, you can be confident that all in-flight payments have settled.
3. Bank Transaction matching is complete. No unmatched credits remain in Bank Transactions for Citizens Bank accounts.

Impact on the Ledger

V1 in-flight payments that complete during the transition are recorded in the ledger through the normal reconciliation flow:

• When you Confirm Match on a Bank Transaction linked to a V1 Payment Order, the system records the payment in the ledger (debit SPV Cash, credit Commitment Receivable).
• If a payment was returned or failed (visible in Citizens Bank as a reversal), mark the Payment Order as returned via the admin panel and the ledger reversal is recorded.
• No manual ledger adjustments are needed for V1 transition payments.

Timeline

• Week 1-2 after launch: Most ACH debits settle within 3-5 business days. The majority of in-flight payments should appear in Citizens Bank statements quickly.
• Week 2-4: Wires and any delayed ACH settlements arrive. Check statements weekly.
• After 30 days: If no new activity, the transition is effectively complete. Any remaining in-flight V1 payments that never settled can be investigated individually and cancelled if appropriate.

Tips

• Check the in-flight V1 count weekly. It should steadily decrease as you reconcile.
• If an investor contacts you about a payment, check the Payment Order status first. If it is still Submitted or Processing, the money may still be in transit.
• Keep importing Citizens Bank statements until the 30-day quiet period is confirmed. The import is harmless if there are no new transactions.
• If you find a Bank Transaction that does not match any Payment Order, it may be a bank fee, interest payment, or intra-account transfer. Use the Suspense Queue to resolve these (see the Resolving Ledger Suspense playbook).