New in January: Compliance Solution, Card Volume Settings, and Check Memo Lines
Welcome to the first monthly product update of the year! We’re kicking off 2022 with the launch of our new compliance solution, as well as a few new features we’ve added to our API. Let’s dig into the updates we shipped last month and what we’re planning to release in Q1.
- We launched a new compliance solution for fintechs in partnership with Alloy and Unit21. We also released new card volume settings and the ability to add customizable memo lines on checks.
- We’re hosting a webinar with Unit21 on March 23 to break down how fintechs can work with bank partners to streamline the way they manage compliance and risk oversight.
Enhanced compliance for fintechs
We released a new compliance solution last month designed to give fintechs control over their compliance framework. This new suite of tools, resources, and guidance from regulatory experts is designed to help any company create and launch their own risk-based compliance programs in a matter of weeks.
It consists of three main components:
- A comprehensive bundle of resources and tools that enables businesses to customize their compliance program and exercise more control over the account opening experience.
- Direct partnerships with bank partners that will help you shape and manage the compliance program around your risk profile.
- Guidance from our regulatory experts on key issues such as Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) compliance.
We teamed up with RegTech innovators Alloy and Unit21 to build this new offering from the ground up. The Alloy partnership will bring identity management solutions for both KYC and AML via a single API connection. With the Unit21 partnership, banks and fintechs will be able to deploy pre-configured rulesets and models to monitor transactions for suspicious activity. Real-time collaborative alert investigation is also a feature of this collaboration.
The output is a compliance program tailored to the specific and unique risk profiles of individual fintechs that’s built to scale as the business grows.
Card volume settings
Last November, we shipped an update to add greater control over how, when, and where a debit card is used. This latest update gives bank admin users the ability to set various org-level card and transaction limits.
There are two card transaction volume limits that can be set:
- Daily spending limit per card
- Daily ATM withdrawal per card
Ultimately, this gives all of the fintechs on our platform more flexibility. Previously, card limits were set at the BIN level, which meant that if a card limit needed to be increased, the bank would then need to commensurately raise the limits of every other organization on the same BIN.
By adding these controls in place, it allows for more customer-level controls of card spend limits so each fintech can have card limits set based on their own risk or business model.
Customizable check memo lines
You can now add customizable memo lines to checks issued via the Treasury Prime API. Previously, issued checks would print the name of the FBO account holder rather than the direct customer who may have requested the check to be issued. The recipient had no way of telling who sent the payment or why they sent it. This customizable text will help you provide the recipient context around the payment.
We have several exciting features and updates planned for the new year. Here is a peek of what we’re shipping in the upcoming months:
- Debit card funding (beta): Fund accounts through debit card transactions
- Monthly statement generation: Automated production of statements for user accounts
- Self-service API key management: Create and manage production API keys through the Developer Dashboard
- Ledger account controls: Lock, unlock, and close ledger accounts through the API