Grasshopper Bank has secured a new fintech client thanks to Treasury Prime’s OneKey platform, which allows fintechs greater visibility of their accounts across multiple banks. 

The $606 million bank began beta testing OneKey in March 2022. The tool assisted Grasshopper in sealing the deal with its new client, Chief Digital Officer Chris Tremont told Bank Automation News. He declined to name the client.

OneKey uses the fintech’s API and real-time integration to a bank’s core and payment gateways to provide a dashboard to view their accounts across more than 15 banks and transfer funds across the Treasury Prime network, co-founder and Chief Executive Chris Dean told BAN. 

“We saw that the U.S. needed a single API to work well across many banks,” Dean said. “Our aim was to create an easy-to-use standard that banks could adopt and make it easy for them to run fintech relationships safely.”

OneKey helped Grasshopper “to win that deal [with the new fintech] for sure, knowing that this OneKey platform and a couple other banks behind the scenes were involved in the deal,” Tremont said, adding that the working relationship between the bank and Treasury Prime gave the fintech client peace of mind. 

Diversifying assets

The multi-bank strategy has picked up steam following last month’s collapse of Silicon Valley Bank, and banks have begun using technology to better cater to fintech clients. While development of OneKey began in 2021, long before the fall of SVB, its timing is convenient for fintechs looking to avoid banking with a single financial institution, Dean said. 

“What the Silicon Valley Bank situation does is highlight the value that OneKey delivers — the ability to move money between banking partners instantly,” he said. “Not coincidentally, we’ve seen a significant inflow of assets in the days since the SVB news broke, showing us that there’s belief in what we’re doing to help businesses.”