What fintechs need to know about API banking platform Treasury Prime
Choosing a banking as a service (BaaS) provider is one of the most important decisions a fintech will make. The service you choose will determine what bank partners you can access, and what options you will have for building relationships with them. That’s why it’s crucial for fintechs to do their research before choosing their BaaS provider.
Treasury Prime recommends 10 key questions to help you find the best fintech match. Here, we present our own answers to those questions. To read more about why you should ask these questions, read our other post.
Before we jump into our responses, we’ll give you a quick, high-level overview of our service:
One thing that makes Treasury Prime unique is our equal focus on both fintechs and banks. We don’t just digitize banking or provide APIs to fintechs, but we actually act as an intermediary between two very different markets that need to work together to achieve mutual success.
We offer the fastest and most supported experience for fintechs, with usage-based pricing that guarantees all parties succeed only if your business succeeds. We also offer the best economics for banks, which helps attract best-in-business chartered bank partners to support your fintech. Our banking partners include LendingClub Bank, BankProv, Burling Bank, and Piermont Bank.
To learn more about how we work with fintechs, read on.
1. “What’s your approach to banking as a service?”
Fintechs should ask potential BaaS providers about their overall approach — including their customer focus, industry or use case focus, and whether they take an account- or card-centric approach. Here is how Treasury Prime approaches BaaS.
Customer focus: We consider both fintechs and banks. This makes us different from many other BaaS industry vendors who have focused on building a product focused on fintechs. Treasury Prime has integrations with many bank partners. This enables us to match each fintech with a bank partner that is fully onboard and supportive of the fintech’s business. Banks also wax and wane in terms of their capacity to take new fintech customers. Having a large stable of great banks ensures that we can find a bank partner for almost every type of fintech business. It also means that should a situation arise where a fintech needs to change banks, they can do much more easily by moving to another bank in our network. The shortcomings of focusing only on fintechs is that a BaaS provider will be limited in terms of both the number and types of fintechs it can support..
Industry or use case focus: Treasury Prime supports neobanks, commercial fintechs, retail fintechs, and embedded banking. Because we serve both the fintech industry and banks, we are able to attract best-in-class bank partners to support fintechs in a wide range of industries and use cases. Our integrations with multiple banks ensure that every fintech has a partner that understands and supports their business because the bank’s goals are strategically aligned with the fintech’s.
Beyond the broader fintech categories we support, we work with fintechs in niche areas with their own regulations, including healthcare, cryptocurrency, blockchain, and cannabis/marijuana.
Account- versus card-centric: Treasury Prime takes an account-centric approach to BaaS. We do this because accounts are at the center of bank processes, allowing deeper integration with bank cores; and because an account-centric approach allows fintechs to build more products and services either at launch or as they grow. With bank accounts you can support all forms of fintech payments, including wiring money, sending or receiving ACH payments, peer-to-peer payments. Accounts also enable multiple forms of fintech lending. Learn more about our account-centric approach here.
2. “Do you facilitate a direct relationship between fintechs and banks?”
Every fintech at scale has a direct relationship with their bank. Treasury Prime believes that for a business whose core value is delivering an application with embedded banking services, the bank partnership is the most critical relationship.
Fintechs are rarely experts in the complexities and regulations of the US banking system. By working directly with the bank they benefit from an experienced partner who can help them with the nuances of money transfer, KYC/KYB, risk mitigation, fraud prevention, and how to avoid being categorized as a money services business. And if there are ever any issues, the fintech has a direct line to the bank as well as to Treasury Prime.
3. “How many bank partners are you integrated with?”
Treasury Prime is currently integrated with 6 chartered US banking institutions and we are adding more banking partners to our network all the time.
Two of our banking partners, LendingClub Bank and Piermont are integrated with our partner card issuer Marqeta, and our other bank partners all support a wide-range of services. Whatever your fintech does, you can build on FDIC-insured accounts with one of our partners.
4. “What full list of services do you offer?”
Treasury Prime offers services to fintechs including:
Account Opening: Treasury Prime empowers fintechs to open various account types including personal, business, and trust accounts. You can also:
- Build commercial & retail account application UI
- Integrate KYC & KYB tools
- Connect accounts with Plaid
Debit cards: With Treasury Prime, you can issue debit cards and enable debit card payments
Payments: Treasury Prime’s account-centric approach means your fintech can activate the full spectrum of payment rails available at banks. These include:
- ACH transfers
- Wire transfers
- Bill pay
- Book transfers
- Debit card payments
- Depositing checks
Prepare for audits: Treasury Prime provides all the technical tools you need to stay compliant. These include:
- KYC & KYB tools
- Tools for detecting potentially fraudulent transactions
- Multi-factor authentication
Service accounts: With Treasury Prime you can enable key account features so customers can get full use of their accounts. Customers can:
- Check account balances
- Make payments & transfers
- View transaction history
- Manage cards
- Deposit checks
- Access bank statements
Admin tools: Developer dashboard and bank console.
Read more about our offerings here.
5. “How fast can my fintech get to market with your BaaS services?”
With Treasury Prime, you can test, build, and launch in days. This includes the time it takes for you to integrate with your bank partner, so there are no unexpected delays. We can do this because we have built trust with banks. By the time you contract with us, one of our partner banks is already prepared to integrate your service into their core.
6. “What can I expect in terms of implementation support?”
With our white glove service, Treasury Prime will have your back every step of the way from kickoff to launch. Here’s a look at our implementation process.
Sign contract, immediately receive personalized service
Once you contract with Treasury Prime and a partner bank, we will assign you a success manager and a back up success manager — that way you can always reach someone with urgent needs.
To foster fast communication, we will also sign you up for a dedicated Slack channel to communicate real-time with your Treasury Prime success team. We will also set up weekly success team meetings with you and your partner bank to answer any technical or integration questions your team has.
Make a plan: We create a project plan and timeline that includes all the steps you’ll need to take before launch. This includes legal and compliance steps such as KYC and due diligence and functionality buildout.
If you plan to offer a card program, we will provide initial feedback and work with the card printer and card network directly to get your card design approved.
Move to production: Our customer success team walks you through everything you'll need to start opening real accounts, issuing cards, and more. In addition to weekly meetings, your dedicated Slack channel, and direct contact with your success team, you can send general service requests to firstname.lastname@example.org, which then routes the request to a subject matter expert as soon as possible. The team is generally available from 7 a.m. to 7 p.m. PT (10 a.m. to 10 p.m. ET) Monday through Friday.
Launch your new product! Introduce your great new financial products to the world.
Before the contract: Experiment with our Developer Sandbox
Want to learn more about Treasury Prime’s offerings on your own before reaching out to our sales team? Create keys and start building with the API in our Developer Sandbox! The sandbox is open to any fintech interested in working with us, no strings attached, before you sign a contract. That means developers have the resources they need to get started as soon as they are ready.
7. “How many fintechs have you brought to market — and who are they?”
Treasury Prime has brought dozens of fintechs to market. Some of our top fintech companies include:
- Business banking app Brex
- Max, an app that allows users to manage multiple bank accounts in one place and helps them increase interest earned on deposits
- First Dollar, a modern HSA administrator where the user owns the account and can roll money over year to year
- Challenger, which enables employers to offer banking and savings accounts to employees
8. “Why are your clients happy with your service? And can I speak to some of them?”
Fintech firms say Treasury Prime has helped them launch fast and maximize returns and to really understand our impact, you need to hear from our customers in their own words. Here are testimonials and we’re happy to set up a reference call.
Read what our fintech partners have to say:
“Leveraging our early work with Treasury Prime, we were able to expand our product suite, launching Max Checking — what we believe to be one of the best and fastest checking accounts in the country. Launching Max Checking made it possible for customers to get started with Max in as little as 60 seconds, and has nearly doubled our conversion rate. With Treasury prime, we're able to approve more than 90% of bank applications. That's a great experience for our customers, and obviously a great conversion rate for our banks.”
— Gary Zimmerman, founder and CEO of Max. Hear his full comments here.
“Working with Treasury Prime and LendingClub bank, we were able to define and launch a new product for our customers and rely on their banking and technology expertise. With Treasury Prime augmenting our in-house team, we quickly launched our checking product and then were able to easily add a savings product as well. Treasury Prime made the process fast and seamless.”
— Gal Zhovnirovsky, VP of Product and Member Experience, Ametros
“Historically, integrations with banks would take months, or even a year, but by working with Treasury Prime, we were able to integrate in just weeks. Treasury Prime has reduced the friction of getting to market and helped Spence Labs scale by allowing us to focus our time and money on the core of our business: sales, customer service and consumer growth.”
— Chris Rentner, Co-Founder & CEO, Spence
9. “What is your pricing structure?”
Treasury Prime’s pricing is usage based, you pay for the API calls you make, which we believe is critical in ensuring that all parties’ incentives are aligned. We also structure our pricing so that unit costs go down as usage increases. It’s a win-win-win: As the fintech grows and succeeds, so does the bank and Treasury Prime.
10. “What makes your offering different from your competitors?”
- Treasury Prime’s team is unique because we’ve worked in traditional banks as well as fintech startups. We know bank systems better than anyone, and we also understand what it takes to build and scale a fintech business.
- We are a developer-focused company with the most powerful and best documented API for integrating with banks.
- We have the deepest integration with bank systems which gives you access to the full breadth of banking capabilities.
- We work with multiple banks so we can connect you with the right bank partner, who meets your fintech’s unique needs.
- We ensure that you have a direct relationship with your bank, because — as a fintech company delivering banking services to your customers — this is the most important relationship for your business.
- Our platform gives you everything you need to get started immediately with pre-built, out-of-the-box feature sets and all the tools you need to customize as you grow.
- We embed best-in-class products directly into our APIs. For example, Marqeta for issuer processing or Alloy for KYC.
The broader consideration underlying these 10 questions is whether a particular BaaS provider meets your unique needs. At Treasury Prime, we have everything you need to get to market at lightning speed.