New in March: Introducing OneKey Banking
This month we’re introducing Treasury Prime OneKey Banking, a first-of-its-kind interconnected multibank solution that enables customers to work with multiple bank partners to diversify risk, develop banking products, and manage deposits via a single unified technology layer*.
We’re also bringing you tips and best practices, embedded banking resources, and a couple of webinars.
Introducing Treasury Prime OneKey Banking
We’re pleased to announce Treasury Prime OneKey Banking, a breakthrough multibank solution that unlocks the power of our largest-in-the-industry true bank network. With OneKey Banking you can develop embedded banking solutions with multiple bank partners, manage deposits among banks, and diversify risk — all via a single, unified API interface.
As companies mature, their growth can often outpace their BaaS solution. Treasury Prime OneKey Banking solves this problem; it eliminates the need to change providers due to deposit growth or feature access.
OneKey Banking introduces an element of stability to bank partnerships and can help companies better manage business continuity risk. As a real-time bank network, OneKey Banking reduces the threat of a single point of failure. Companies have the power to establish redundancies and seamlessly transfer funds from one bank to another, so that if there is a need to transition to a new bank, business need not be interrupted.
OneKey Banking is a first-of-its-kind technology powered by a proprietary method of funds movement called Network Transfers. Under the hood, you may be interacting with three banks, however you’ll have just one ledger to manage and end users will be able to initiate transactions as if they are only interacting with one bank.
For us at Treasury Prime, the release of OneKey Banking represents the culmination of years of work and a meaningful step toward the realization of one of our founding goals: to establish the true bank network as the de facto standard for embedded banking partnerships.
What This Means for You Today
OneKey Banking enables us to better support your product development and growth objectives. If a product you’re building is missing a critical feature at your current sponsor bank, we will help you bring in another Treasury Prime banking partner. If more deposit capacity is required to support your company’s growth, we will help you bring in another Treasury Prime banking partner.
If you have a use case you would like to support with OneKey Banking, please contact us.
*This does not eliminate the need to be onboarded by multiple bank partners.
Introducing International KYC. Building on last month’s International Applications release, you can now pass international applications (non-US citizens) to Alloy for KYC.
International KYC is available only to Treasury Prime Ledger customers. International KYC is not enabled by default and is subject to approval by your bank partner. Please reach out to your customer success manager if you are interested in enabling International KYC for your organization.
Expanded Card Decline Reasons
Treasury Prime now provides 20+ descriptive reasons to explain why card transactions were declined. Previously when a card transaction declined, a generic code appeared in the transaction data that offered little explanation about why the transaction was not successful.
Check out a sample list of these user-friendly card decline reasons below. This feature is available to Treasury Prime Ledger customers.
Incoming wire simulations in Sandbox
Our Sandbox has been updated to allow for more accurate testing of the behavior of wire transfers that originate outside of the Treasury Prime API from a different bank. Initiating a wire.incoming_wire will create a transaction on an account as well as an incoming wire object. Developers can then use the /incoming wire endpoint to access the object.
The Plaid Exchange integration connects your app to over 6,000 partners in the Plaid ecosystem, such as Acorns, Expensify, and Rocket Money. With Plaid Exchange, your customers can connect their Treasury Prime-backed bank account to external apps without repeatedly entering their account and routing number, and your business will appear as a financial institution alongside banks. It’s an easy way to create a seamless customer experience.
Webinar Recap: Dedicated FBO vs. Intermingled FBO Accounts
There has been a lot of chatter about FBO accounts in recent days. In our latest webinar, Treasury Prime Vice President of Banking Jeff Nowicki walked through the strengths and weaknesses of dedicated FBO and intermingled FBO accounts.
Here are some highlights:
- An FBO account is an umbrella account on the bank’s core, which contains multiple virtual accounts “For Benefit Of” end users. Transactions and other activities are then tracked using a ledger.
- There are two basic approaches to FBO setup: Dedicated FBO accounts and intermingled FBO accounts.
- With a dedicated FBO account, your company has a discrete bank account in your company name on your partner bank’s core.
- An intermingled FBO is when a BaaS company opens a single giant FBO account on a bank’s core in the BaaS company’s name. Your customer accounts would reside in the BaaS provider’s FBO account, intermingled with other fintechs.
- When your company has its own dedicated FBO account, you can track activity with a ledger and visibility into what’s happening inside of accounts. This helps with reconciling balances for accounting purposes, as both the bank and the fintech can easily match up the total balances and catch issues quickly if there’s a discrepancy.
- Treasury Prime offers not only dedicated FBO accounts, but dedicated settlement accounts for every payment rail and real-time reconciliation. Our clients can access real-time connections to banks and reconcile transactions as they happen.
Beyond the Checkbox: Creating a culture of compliance for company success
March 16, 2023 at 11:00 a.m. PST
You will learn:
- Compliance roles & responsibilities in an enterprise-bank relationship
- Importance of compliance tools
- How to build a culture of compliance