Treasury Prime, Plaid team up for faster payments
Treasury Prime’s 16-bank network will leverage the partnership capabilities
Banking-as-a-service (BaaS) provider Treasury Prime and API-data network fintech Plaid are partnering to deliver faster payments for financial institutions and their customers.
Through the partnership which has been in the works for two years, Treasury Prime clients will have access to platforms including cash flow app Branch and budgeting tool Rocket Money to improve user experience and payment speed, according to a Treasury Prime release.
“We partnered with Plaid to connect fintechs and enterprises to over 6,000 partners in the Plaid ecosystem,” Treasury Prime Chief Executive Chris Dean told Bank Automation News. “This new integration allows end users to connect their Treasury Prime-backed bank account to external apps, all without having to repeatedly enter their account and routing number.”
Bank integrations, safer transactions
The integration presents new offerings to Treasury Prime’s banking network, allowing customers to connect to fintechs for external account funding, international money transfers, lending and budgeting, Dean said, noting, “Fintechs and enterprises using Treasury Prime’s API will now appear as a financial institution alongside other banks.”
The technology — which will be integrated by all 16 banks within the Treasury Prime network, including $3.5 billion Third Coast Bank, $4.3 billion First Internet Bank and $7.2 billion Bangor Savings Bank — will accelerate banks’ transaction speed to around 60 seconds rather than several days, Dean told BAN.
“It’s not just time savings, [transactions are] safer and more accurate,” he said.
The partnership is the latest in a series of collaborations for Treasury Prime, including its integrations with Jack Henry and FIS, Dean said. “These types of partnerships help make transactions easy for our clients so they can continue to innovate and scale at will.”
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