New in February: International Addresses, Custom Card Text, and more
There’s quite a bit going on here at Treasury Prime. This month we’re rolling out some great updates including international applications and custom card text. We’re also bringing you tips and best practices, embedded banking resources, and a couple of webinars.
Introducing International Applications: We’ve updated the person_application and business_application endpoints to enable you to support certain use cases involving international addresses.
International Applications enables you to:
- Process international addresses for ledger account applications
- Send cards to international addresses
This release lays the foundation for further KYC enhancements that we will be rolling out shortly. At this time, International Applications supports use cases involving persons or entities with a US tax ID number, and are available only to Treasury Prime Ledger customers. International Applications 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 Applications for your organization.
Custom card text
You can now offer custom text on end-user debit cards. This enhancement allows you to populate more than the account owner or business name on cards, enabling you to include text such as a professional title on corporate cards or a nickname on a personal card.
Custom card text is limited to 21 characters.
Did you know that you can offer multiple accounts to your customers? Adding accounts to your current offering is a great way to extend your product’s value.
Some use cases for multiple accounts include:
- High yield deposit accounts
- Personal and business checking accounts
Why Every Fintech Needs Its Own Dedicated FBO Account
Most companies utilizing BaaS services are not aware that different BaaS providers set up FBO accounts differently. Some BaaS providers (including Treasury Prime) use the dedicated FBO account model whereas others use the intermingled FBO account model.
With a dedicated FBO account your company gets its own FBO account — in your company’s name for the benefit of your customers — on the bank’s core. In an intermingled FBO, your company accounts are grouped with other companies in a large pooled account. In this latter paradigm, the FBO account is generally titled in the BaaS provider’s name for the benefit of its customers.
Understanding the difference between dedicated FBO and intermingled FBO accounts can help your company evaluate and manage risk.
Learn more about dedicated vs. intermingled FBO accounts here.
Register to join our upcoming live webinars. Learn how to optimize your product with practical advice from our embedded banking experts.
Cards: From White Label to Premium
Learn how to stand up a card product that elevates your brand.
February 16, 2023 at 12:30 p.m. PST
Dedicated FBO vs. Intermingled FBO Accounts
A huge difference with big implications for your business.
Mar 7, 2023 at 11:30 a.m. PST
In case you missed it
Announcing Our $40M Series C
We’re pleased to announce our $40 million Series C, which brings our total fundraising to $73 million since our founding in 2017. The Series C round was led by new investor BAM Elevate, with The Banc Funds Company, Invicta, and current investors Deciens, QED, and SaaStr also participating.
Since our $20 million Series B funding in 2021, we’ve grown our revenue by nearly 400% and accounts by 450%. With this latest round of funding, we will continue to build out our industry-leading multi-bank solution as well as develop new products and services including lending options and an integrated partner marketplace.
This investment will also enable us to elevate our strategy — broadening our offerings to meet the requirements of our customers as they scale. In addition, we’ll be able to dedicate more resources to delight our customers with best-in-class service and industry-leading APIs.