Treasury Prime Accelerates Embedded Banking With New Bank-Direct Initiatives

Treasury Prime’s new Bank-Direct product will empower banks to directly serve fintechs using the industry’s most transparent, flexible, and compliant BaaS operating system.

SAN FRANCISCO--()--Treasury Prime, the leading embedded banking software company, today is launching a series of new initiatives, including a new Bank-Direct product, that enhance support for banks and credit unions and empower them to directly sell, manage and service fintechs and other corporate customers. To further sharpen its focus, Treasury Prime will also be reorienting the company to concentrate on direct-to-bank partnerships and accelerate other efforts to drive their long-term success and growth.

“The future of banking is embedded, with regulated institutions and technology firms working closely together to deliver critical financial services within new channels and apps, and the most successful fintechs are forging direct partnerships with banks,” said Chris Dean, the CEO and co-founder of Treasury Prime. “That is why Treasury Prime is doubling down on a “bank-direct” approach, and is launching a Bank-Direct product that makes it possible for any bank to build a safe and successful embedded banking business line.”

Treasury Prime’s industry-leading, Bank-Direct product makes real-time collaboration between bank and fintech partners easy and convenient. With new self-service tooling and features, banks can more easily access actionable insights, customize risk controls, and utilize a unified dashboard that fosters joint collaboration with their fintech partners.

In addition, Treasury Prime will be accelerating efforts to:

  • Focus its sales strategy on supporting banks as they close their own deals, including the development of automated screening tools to identify the fintechs they want as partners and a new business development team to provide specialized advice.
  • Enhance support for platform implementation and customer onboarding, including streamlining its contracts to make it clear to regulators that the bank directly oversees its fintech customers.
  • Provide more flexibility for banking institutions to tailor their partnerships with fintech customers, deepen those relationships, and build their own fintech brands.
  • Optimize investments in personnel and infrastructure to drive bank-led, fintech and embedded banking partnerships.

“Treasury Prime is unique in the industry because we strengthen bank-led, fintech relationships,” said Jeff Nowicki, Chief Banking Officer at Treasury Prime. “As we step up our efforts to serve America’s banks and credit unions, the powerful combination of Treasury Prime’s modern, API-driven infrastructure and our Bank-Direct product means that we can offer the industry’s most transparent, flexible, and compliant operating system and drive the confidence for more firms to join the embedded banking revolution.”

Treasury Prime is a “Banking as a Service” operating system that provides modern banking software so that fintechs or corporate clients can directly connect to the underlying infrastructure of banks through its APIs, and banks can distribute their products through fintechs or embed them in apps and other new channels.

Treasury Prime will continue to provide dedicated support for all parties on its BaaS operating system. Going forward, however, it will focus its sales efforts and software development to enable banks to directly sell and serve fintechs and other embedded banking brands.

This bank-direct approach reflects two major developments as the fintech marketplace has matured. First, banks have expanded their own, in-house business development capabilities and are looking for a BaaS operating system that can enhance their ability to sign up, manage, and support those clients. Meanwhile, regulators are calling for more rigorous oversight and compliance, and have made it clear that banking institutions – not intermediaries – are best positioned to manage the fintech customer relationship.

“Regulators are demanding that banks and regulated financial institutions directly oversee the activities of their fintech partners, but these institutions need the right tools and resources to succeed,” said Sheetal Parikh, General Counsel, Chief Compliance Officer. “We clearly see where embedded banking is headed and are following our customers that recognize that Treasury Prime’s bank-direct approach will ultimately create a safer and more sustainable ecosystem for all participants – banks, fintechs, and partners alike.”

About Treasury Prime

Treasury Prime is building the future of finance. Through its cutting-edge embedded banking software, Treasury Prime helps banks to seamlessly connect to fintech and enterprise clients, equipping them with everything they need to launch innovative financial products with a strong commitment to responsible practices. Beyond its core banking offerings, which encompass accounts and payment infrastructure, Treasury Prime also provides a robust partner marketplace. This marketplace offers a wide range of auxiliary services, including access to FDIC insurance through the Intrafi network, tailored to meet the diverse needs of bank-fintech partnerships. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and 2022, and was named to CB Insights' annual 2021 Fintech 250 list.