Webinar: OneKey Banking with a Vast Bank Network
A culmination of years of hard work, Treasury Prime recently launched our breakthrough product, OneKey Banking, built on the foundation of Treasury Prime’s true bank network. When they founded Treasury Prime, CEO Chris Dean and board member Jim Brusstar endeavored to solve real limitations that they experienced firsthand in the fragmented U.S. banking system.
With the creation of OneKey Banking and the largest bank network in the industry, Treasury Prime is able to offer an interconnected multi-bank solution that allows Treasury Prime-powered fintechs and enterprises to execute instant network transfers and launch diverse products with multiple banks. It’s a first-of-its-kind solution, unlike anything available in the market today.
To break down the profound implications of this breakthrough technology, Senior Product Manager Honor Flannery talks about OneKey’s benefits and features in our on-demand webinar, including how it can help mitigate risk, and how businesses can use it to scale seamlessly.
Interested in learning more? Download the full webinar.
What is OneKey Banking for embedded finance?
OneKey Banking allows fintechs and enterprises to access and leverage multiple bank partners in the Treasury Prime ecosystem using just one technology layer. This means that as companies scale, they can seamlessly add bank partners to access additional features, manage deposit capacity, or establish redundancies. OneKey is simple to start, seamless to scale, and allows Treasury Prime to support businesses at any point in their growth.
What makes OneKey Banking and its bank network different?
OneKey Banking is different in three key ways.
1. A true bank network
Many BaaS companies have a small roster of banks, and those banks operate independently of one another.
Treasury Prime offers a true bank network of 15 banks and growing. We work with banks of all sizes and specialties and all are connected to each other through our banking operating system. With OneKey, businesses can leverage the full weight of Treasury Prime’s technology across our bank network. Put simply, customers can optimize banking products and features across different banks as if it was a single banking platform.
2. Interconnected Network Transfers
The main thing that differentiates OneKey from other bank networks is the interconnectivity. That’s enabled in part by a new, powerful, and proprietary method of money movement called Network Transfers.
Network Transfers allow customers to instantly move money across banks in the Treasury Prime network, as easily as moving money from a checking account to a savings account at a single bank. Network Transfers provide that same ease and swiftness but across multiple banks, which, before OneKey, was not possible.
3. A simple user experience
Although the technology behind OneKey is complex, the user experience remains simple. OneKey is accessible via a single technology layer and a single API key. A customer may be interacting with multiple banks under the hood, but they only have to manage one ledger.
OneKey bank network use cases
1. Feature access
It can be challenging to find a single bank that supports all the BaaS features a business may want or need. OneKey allows enterprises to bring on additional banks that offer the desired features, filling in feature gaps and better supporting an enterprise’s offering.
For example, a lot of fintechs want remote deposit capture (RDC) features, but not every bank supports the functionality. With OneKey, enterprises can simply add another banking relationship that supports RDC. This allows both banks and customers to capture key synergies by partnering with a bank that is best-in-class for a particular product or service.
2. Deposit growth
Banks have limitations on deposit capacity. If a business only has one banking relationship, their ability to place deposits at that institution is constrained by the bank’s deposit capacity. Once a business hits that capacity, the bank can pause or even end that program, which can stifle business growth and be extremely costly to the fintech.
OneKey mitigates that issue. An enterprise can add more banks to support any deposit overflow, so your business can continue to grow.
3. Risk mitigation
The Silicon Valley Bank failure is still top of mind for many and has brought to the forefront the need for risk mitigation and redundancy.
OneKey helps eliminate the risk of a single point of failure and helps you maintain business continuity, should you ever need to transition to a new financial institution. Enterprises can have a program at their primary bank and contracts in place at a second or third bank. If anything were to happen at the primary bank, an enterprise could turn to those second and third banks to continue support of their BaaS programs with minimal to no interruption.
How does OneKey benefit banks?
OneKey isn’t just for enterprises. Banks can also leverage the technology to grow faster and more safely.
1. Grow faster
When the Federal Reserve was established more than a hundred years ago, it was impossible to have anticipated the technological needs of today. Now that the Banking as a Service market is witnessing significant revenue growth, banks are taking notice. While they’re starting to recognize it can be a significant line of business for them, BaaS is still relatively new territory. OneKey lets banks jump into BaaS without having to hire a whole new team to build out their own “perfect” BaaS program. They are able to participate in the BaaS space while they continue to develop their program.
2. Work with more enterprises
OneKey also lets banks participate in a wider variety of deals. Some fintechs and enterprises are too large for a single bank; some fintechs might have feature requests beyond the scope of availability at a single bank. Previously this meant banks could not participate in these deals. With OneKey, banks can support deals in tandem with other banks, meaning expanded market reach and customer base.
3. Diversify portfolios
The SVB failure also highlighted banks’ need to diversify their portfolios, which OneKey allows. Think of it this way: if an enterprise using OneKey opts to split its deposits evenly across three different banks, that enterprises’ deposits are only taking up one-third of what they normally would have, which frees up the other two-thirds of bank deposit capacity, allowing banks to engage with a larger number and therefore wider variety of enterprises.
Download the full webinar to hear more insights and the Q & A.
Wondering how embedded banking could help your business? Contact Treasury Prime — we have a true multi-bank network, the deepest bank core integrations, and extensive compliance experience. Read more about our $40 million Series C Funding and why Tearsheet named us the Best Banking as a Service company for the second year in a row. Talk to the best embedded finance team in the industry.