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CUSTOMER FUNDS (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Assets Underlying Customer Funds
The following table presents the assets underlying customer funds (in thousands):
  June 30, 2023December 31, 2022
Cash$2,010,707 $1,748,983 
Customer funds in transit (i)
59,517 — 
Cash equivalents:
Money market funds578,778 851,296 
Reverse repurchase agreement (ii)
703,654 580,045 
Total customer funds$3,352,656 $3,180,324 

(i) The customer funds in transit were received subsequent to June 30, 2023.

(ii) The Company has accounted for the reverse repurchase agreement with a third-party as an overnight lending arrangement, collateralized by the securities subject to the repurchase agreement. The Company classified the amounts due from the counterparty as cash equivalents due to their short-term nature.