How We Do It

With a little magic we like to call the COIN®, we’ve created a cloud based computing service that enables us to connect data about identities and credentials, transaction states, ledger entries, and associated documents to different payment systems without changing those systems. Modo’s technology deconstructs the entire payment event lifecycle into the same 6 states and maintains ledgers to allow for storing and sharing of payment event data.

The COIN Transaction Service is delivered using four components:

COIN Transactions

COIN transactions allow you to store and share data between multiple disparate payments systems without needing to understand the complexities of the differences in syntax, semantics, state or workflows that may exist between those systems. This is the beating heart of our service. The COIN is composed of a set of sub-ledgers, or COIN Accounts, that keep track of the accounting between systems. The COIN structure abstracts the underlying payment services complexity from the developer for the full lifecycle of those transactions. It’s crazy cool, besides being trademarked and patented.

Secure Vault

The Secure Vault keeps data like account numbers and other payment credentials as well as commercial documents secure. This is the where the crypto lives in our service. The Secure Vault manages the rules associated with when data can be used, and for what purposes. Modo uses HSMs to ensure bank grade levels of security at all times.


RESTful API services are how requests are made of the COIN Transaction Service, and is the basis of integration for new experiences. This is our “front door” to our service. The RESTful API is a simple limited noun/verb API that enables a developer to request storing and sharing payment event data within the context of a COIN transaction.

Payment System Connectors

Connectors are how the COIN talks to other systems. This is our “back door” from the service. Connectors normalize the interactions with different payment systems so that they are all interacting with the COIN in the same way. Put another way, we code to your payment systems, not the other way around.

The COIN Transaction Service tracks the progress of money flowing into and/or out of an actual financial account, like a bank account or a wallet or a credit card, and uses Connectors to access payment systems. The COIN is controlled by a state machine. The state machine defines states that the COIN can be in along with valid transitions between those states. The states are PRESSED, STAMPED, CIRCULATED, CERTIFIED, and ENCASED.

Coin States

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