How to Get Your Fintech and Embedded Finance Product to Market Fast with BaaS
Launching embedded finance products on your platform is easier than it has ever been thanks to new banking as a service technology. Treasury Prime’s API software is mature and battle-tested by our founders at Silicon Valley Bank and Standard Treasury. Our BaaS platform gets you to production fast, and fintech and enterprise companies can launch in as little as two weeks, depending on their readiness.
A smooth launch, however, involves more than just technology. Launching a financial platform is a complex process, and you need a BaaS team with the widest bank network in the industry that can match you with banks, guide you through the implementation process, and provide long-term support.
Here are what some of our clients say about what it’s like to work with us, and how fast they were able to launch their embedded finance products with Treasury Prime.
Sign up for our newsletter if you'd like to stay on top of the latest BaaS news and features.
Chris Hsu, chairman and co-founder, Azibo
Azibo is a financial platform for independent landlords and offers tools for rent collection, banking and insurance, as well as access to loans for landlords seeking to acquire more rental properties. The goal is to make managing money, paying taxes, and growing a rental business easier. Hsu talks about how they were able to launch their embedded finance platform in record time with Treasury Prime.
“We spent a year trying to build a banking solution, and we were working directly with another bank partner. When it came time to go live, we had a lot of friction and frankly figured out that they couldn't deliver on a lot of the core functionality,” Hsu says.
Azibo went looking for alternatives and found Treasury Prime through a partner. Treasury Prime matched Azibo with a bank in its network. Because Treasury Prime had already fully integrated its API with the bank’s core system, it was easy for Azibo to plug in and start to offer banking products quickly.
Working with Treasury Prime, Azibo was able to build a full-service commercial transaction-based banking system providing core functionality for landlords. Through their own FDIC-insured bank account on Azibo, landlords can deposit and issue checks, send and receive payments and ACH electronic transfers, as well as use debit cards.
“We found Treasury prime and within a month of the first meeting, we had a commercial agreement in place to build Azibo on top of your system. And three months later, we were in market with an FDIC-insured financial platform built on banking,” Hsu says, adding that the implementation was so fast, “it’s unheard of.”
To learn more, click on the full Azibo case study.
Sandeep Dalmia, co-founder and COO, Tuvoli
Tuvoli — a B2B platform for the private air charter industry — was able to roll out its payment product in less than two months using Treasury Prime’s APIs. The company entered into a partnership with Treasury Prime and began development work in mid-April of 2021. The migration had to be completed quickly to prevent any disruption to the service for its existing customers. The due diligence process wrapped up quickly, and the integration continued full steam ahead. By June 1, Tuvoli had the production keys and was able to go live.
With Treasury Prime, Tuvoli built a marketplace platform for air charter companies and brokers. By setting up FDIC-insured bank accounts for their users, it allows them to send and receive ACH and wire payments for flight bookings and additional services. A payment process that used to take up to 30 days to finalize, can now be initiated instantly on Tuvoli and completed within hours after the conclusion of a flight.
“We just had to shift everything from the back end and point it towards Treasury Prime’s APIs,” Sandeep Dalmia, co-founder and COO of Tuvoli says. “The technology I thought was very mature. The documentation was well laid out. There were no major red flags.”
When any issues were encountered, Tuvoli worked with the Treasury Prime team to remove obstacles and find solutions promptly.
One factor that helped with the speedy integration was that Tuvoli was prepared with all their compliance materials including Bank Secrecy Act/Anti-Money Laundering (BSA/AML) policies ready to go.
Since going live with Treasury Prime, Tuvoli has doubled its payment volume and the number of accounts on its platform.
“Ease of onboarding new accounts has been a significant blessing,” Dalmia says. “A shorter due diligence cycle allowed us to go live faster.”
To learn more, click on the full Tuvoli case study.
Colin Anawaty, chief product officer, First Dollar
Health tech company First Dollar partnered with Treasury Prime to offer members an individual consumer checking / health savings account with debit cards.
Treasury Prime matched First Dollar with a bank, establishing a business umbrella FBO account on the bank’s core, which allows First Dollar to issue white-label virtual accounts to customers.
First Dollar Chief Product Officer Colin Anawaty says they chose Treasury Prime due to its modern banking platform and easy-to-use APIs, speed to market, and enterprise customer service.
“We were able to launch our initial product in four months with Treasury Prime, and any time there is a money-movement issue, which happens in banking, there's always same-day engagement by their team,” Anawaty says.
First Dollar started out partnering with one bank and, as they grew, was able to switch to another bank partner in Treasury Prime's wide bank network, the largest in the industry, to ensure support for their continued product needs.
“It was critical to our business that we switch from an on-core relationship in which the bank shared ownership over the customer, to an omnibus (FBO) model in which we took on all aspects of risk and customer service in order to improve the quality and flexibility of our benefits administration platform,” Anawaty says. “As a startup, it was also imperative that this migration happen fast so as not to disrupt our business and upcoming customer launches. Treasury Prime and Piermont Bank were excellent partners who worked closely to ensure continuity across our business.”
To learn more, click on the full First Dollar case study
Treasury Prime has the largest bank network in the industry, giving you the most flexibility and affordability at scale. If you want to be the next unicorn, you need a direct bank relationship and the best Baas company. To discuss how we can help your company scale through embedded finance products, contact us.