New International Features: Expand Your Customer Base & Increase Revenue

International wires, KYC, more: How Treasury Prime’s new international features can help you grow.
Headshot of Marina Nelson
Marina Nelson
Product Manager, Cards
May 24, 2023
International features

Just because you’re a US-based business doesn’t mean your business’ reach needs to end at the border. Enabling your customers to send money abroad, or expanding your service internationally can help you improve customer satisfaction and grow your customer base. 

Treasury Prime’s new suite of international features provides companies with embedded finance solutions to facilitate international use cases. Together, International Wires USD, International KYC, and International Applications empower Treasury Prime customers to better serve existing clients and reach new audiences with in-demand products that have been approved by a bank partner. 

Venture deal execution platform AngelList Venture is already using Treasury Prime’s International Wires USD feature to enable seamless payments to investors in international markets. Our other Treasury Prime Ledger customers now have the opportunity to apply our suite of tools to their own use cases — whether you’re facilitating remittances abroad, operating a marketplace with international vendors, or expanding payments features at your neobank. 

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Treasury Prime’s suite of international features

International Wires USD, International KYC, and International Applications enable your end customers to send money to international markets and open accounts with you from anywhere, and receive white label cards when living or traveling abroad. The accounts are originated from U.S. based banks. 

International wires USD

Fintechs and other customers can now make international wire transfers natively using Treasury Prime’s new features. The enhancement enables domestic account holders within Treasury Prime’s bank network to originate wire transfers in U.S. dollars to an overseas beneficiary. 

The feature is seamlessly integrated into our platform. That means Treasury Prime does all the routing on the back end. Your company doesn’t have to coordinate with a third-party provider or worry about finding an intermediary bank. You can leverage international wires as you would regular wires, and we route accordingly. 

The feature is currently available to customers at Grasshopper Bank. Our plan is to expand to additional bank partners in the near future. 

International KYC

Know your customer (KYC) refers to processes banking and financial institutions use to verify a customer’s legal identity. Put simply, KYC ensures that the customer opening an account with a financial institution is who he or she purports to be. It's a key piece of compliance and fraud prevention. 

Fintech and embedded banking customers can now pass international bank account applications (non-US citizens/business) to our KYC partner, Alloy. In order to enable this feature, you need approval from your bank partner.

International applications

This new feature enables fintech and embedded banking apps to accommodate customers with international addresses. The feature enables your company to process international addresses for ledger account applications and send cards to international addresses. Combined with International KYC, International Applications supports use cases involving non-US citizens and entities.  

Expand your customer base, offer more features

The new features give Treasury Prime customers new competitive advantages, enabling them to grow and expand their user base beyond borders. 

Serve a broader customer base

Because customers can now open accounts with your app from anywhere, you can now target and serve customers located outside the United States. Our new International Wires USD feature means you can also serve a broader spectrum of customer needs by enabling your end users to send money abroad. This expanded utility can help improve customer engagement and retention.

Expand revenue

The international features enable fintechs and their partner banks to open more accounts and increase overall transaction volume. That means more revenue for both partners. 

International features are available only to Treasury Prime Ledger customers. International features are not enabled by default and are subject to approval by your bank partner. Please reach out to your customer success manager if you are interested in enabling International Wires USD, International KYC, or International Applications for your organization. 

Related embedded finance solutions content:

Benefits of a Direct Bank Relationship Through Treasury Prime

One Key to Unlock Universal Access to a Vast Bank Network

Best Practices for Adding a Second or Third Bank

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