Treasury Prime’s 2025 Year in Review: Rebuilding trust and scale in embedded banking

If you work in banking or fintech, 2024 probably felt like a turning point.

You watched high profile BaaS programs unravel in public. You answered hard questions from boards and examiners. You tried to parse what shifting guidance meant for your own customers, your own balance sheet, your own career.

By early 2025, something important had changed.

Congress passed the GENIUS Act, giving payment stablecoins a clear federal category for the first time. Federal agencies started to describe when and how banks can participate in digital asset activity, as long as the right controls are in place. Commentaries from firms like Arnold & Porter unpacked what that means in practice.

At the same time, enforcement actions and public discussion around the Synapse collapse and other failures brought one theme into sharp focus. Banks must have direct, reliable oversight of every customer and every transaction, no matter which brand is in the foreground.

For many people across the industry, this year felt like a reckoning and a reset at the same time.

Banks and fintechs began to look for partners who could not only ship features, but translate shifting rules into daily operations that actually feel safe, auditable, and resilient.

Throughout 2025, that is where Treasury Prime concentrated its energy, pairing deep compliance experience with modern infrastructure and a bank network that shares the same expectations around data, governance, and growth.

Three shifts that reshaped embedded banking in 2025

1. Stablecoins move from theory to supervised practice

‍For years, stablecoins sat in a strange place for banks. Interesting on paper, risky in practice, hard to reconcile with existing policy.

The GENIUS Act changed that conversation. Payment stablecoins now sit in statute with requirements for reserves, disclosures, Bank Secrecy Act compliance, and supervision of issuers. Banks also have more clarity from the OCC, FDIC, and Federal Reserve on when they can engage with tokenized money and on what terms.

For corporate treasurers and fintech leaders, the questions shifted from “Can we touch this at all” to more human, concrete concerns.

• How do we use tokenized deposits inside the bank relationships we already trust
• How do we explain on chain settlement to our auditors in a way that makes sense
• How do we give customers always on liquidity without losing sleep about where funds are and how they reconcile

Answering those questions is not just a technical challenge. It is an emotional one. Someone in your organization has to feel comfortable signing their name to the program.

That is why infrastructure matters. If bank ledgers, program ledgers, and any on-chain activity stay aligned and transparent, risk teams can say yes with more confidence and less fear.

2. Renewed scrutiny of bank and fintech models

The failure of several banking as a service intermediaries in 2024 was not just a headline cycle. It was a shock to everyone who had trusted that their platforms had the basics covered.

Coverage in outlets like American Banker captured the core lesson. When banks cannot see end customer balances and flows clearly, everyone in the chain carries more risk than they think.

Regulators responded with a clear expectation.

• Banks must be able to trace funds at every layer, from operating accounts to FBO structures to downstream wallets
• Third party platforms cannot function as black boxes between banks and customer funds
• Bank leaders, risk teams, and examiners should share the same view of the data, not competing versions

This is the real world problem Treasury Prime set out to solve with its BankOS platform.

BankOS connects directly to bank cores and keeps embedded programs in continuous sync. It gives bank teams and fintech partners a shared source of truth for balances, transactions, and reconciliation.

For the people who are actually accountable inside institutions, that shared view matters as much as any product feature. It means you can walk into a committee meeting or an exam knowing you have the same numbers in front of you as everyone else.‍

3. Rising demand for multi bank resilience and data transparency

When Treasury Prime published its 2025 Banking Innovation Index, one finding stood out. Almost every community bank leader surveyed said embedded finance is important to the long term survival of their institution, and more than half are already offering or exploring embedded programs.

That optimism comes with new non negotiables. Leaders told us they now look for partners that deliver:

• A clear and practical risk management approach
• The ability to scale across products and partners without constant rebuilds
• Deep data transparency, including transaction level insight and flexible reporting

Many also talked about wanting multi bank strategies, not as a nice to have, but as something that helps them sleep at night. A way to spread deposits, reduce concentration risk, and keep fintech programs running even if one institution pauses or exits.

Treasury Prime’s OneKey architecture was built with this reality in mind. OneKey lets enterprises and fintechs connect to multiple banks through a single technical layer, while every institution keeps firm control over its own program and data.

For banks, that means you can say yes to more opportunities without feeling like you are standing alone. For fintechs, it means fewer moments where one decision at one institution puts your entire business at risk.

Treasury Prime by the numbers

Numbers are not the whole story, but they do show where confidence is growing.

In 2025, activity across the Treasury Prime network reached a new level of scale and stability:

• Three million end customer accounts on the platform
• One hundred billion dollars in transaction volume routed across bank partners
• Ten billion dollars in deposits managed across programs
• One point one trillion dollars in assets at network banks

These figures show that the BankOS model now operates at a size that matters for community institutions and large commercial banks alike.

Behind those numbers are thousands of small human moments. Risk teams signing off on new programs. Developers testing flows in sandboxes. Operations teams closing the books at month end with fewer surprises. Customers using products that feel simple on the surface because the complexity underneath is handled well.

Treasury Prime has continued to invest in observability, real time analytics, and automated compliance checks so that as volume grows, control does not slip.

Products like Prime Analytics and the upgraded Console are part of that work.‍

A network built with leaders, not just logos

A network only matters if you would actually trust the institutions in it.

In 2025, several partnerships showed what embedded banking can look like when banks lean in thoughtfully.

U.S. Bank

Through the U.S. Bank Connected Partnership Network corporate clients can discover and connect to Treasury Prime from within a marketplace of payment and treasury solutions that are already integrated with the bank.

For the treasury teams who live in those systems every day, this reduces friction. They get modern APIs tied to an institution they already know and trust, without standing up a separate stack from scratch.

People Trust Community Federal Credit Union

People Trust Community FCU became the first credit union on the Treasury Prime network in June.

Based in Arkansas and focused on underbanked communities, People Trust is using embedded banking to modernize services and reach more members while holding tightly to its mission of financial inclusion.

For leaders at mission driven institutions, this example hits close to home. It shows that you can use modern infrastructure to diversify revenue and expand your reach without losing the community identity that makes your organization special.

KeyBank

KeyBank joined the Treasury Prime network in early 2025. Coverage in Banking Dive and The Paypers framed it as an example of a top twenty United States bank leaning into embedded banking.

For fintech founders and enterprise leaders, seeing a household name bank embrace this model can make the whole category feel more real and less risky.

Regional and community partners

Regional banks and community institutions, including Coastal Bank and others, continued to expand programs on the platform.

Taken together, network partners now represent more than one point one trillion dollars in assets. That depth is what lets Treasury Prime tell a founder or a corporate treasurer, “There is a bank in this network that is the right fit for what you are trying to do.”

This is where part one ends. We have focused on what changed in 2025 and how the BankOS model and network have grown in response.

In part two, we will walk through the product milestones, thought leadership, and 2026 roadmap that show where embedded banking is headed next.

Product milestones that met the moment

As regulation and market expectations evolved through 2025, Treasury Prime concentrated product work on the real concerns we heard from banks, fintechs, and enterprises.

AI Marketplace

The AI Marketplace is an intelligent connection engine for bank and fintech partnerships, introduced publicly in Treasury Prime’s launch announcement.

If you have ever sat inside a generic inbox labeled “partnerships” you know the pain. Pitches flood in. Many are a poor fit. A few are promising but hard to identify. Teams spend more time sorting than deciding.

AI Marketplace replaces that with a structured process.

• Fintechs submit detailed profiles that explain their business model, risk characteristics, and technical needs
• Banks set clear preferences for the kinds of programs they want, including risk appetite, vertical focus, and product mix
• The marketplace uses this information to surface matches that make sense for both sides
  

For banks, this means fewer awkward calls explaining why a program is not a fit and more time with opportunities that align to strategy. For fintechs, it means guided access to institutions that can actually support their model.

Invoice Account Numbers

Invoice Account Numbers extend the BankOS ledger so one account can use many receiving numbers that all map back to the same destination.

This sounds technical, but the effect is simple. It gives finance and operations teams the clarity they have wanted for years.

• Every invoice payment can map to a specific number
• Remittances match cleanly to flows of funds
• The time spent on manual reconciliation drops, and audit trails become easier to follow

When teams say “I just want to see where the money came from and where it went,” this is the feature that helps them say that with confidence.

Prime Banking

Prime Banking packages core embedded capabilities into a modern digital banking experience that banks can brand as their own.

It supports consumer and business accounts, payments, and cards, and connects back to the bank core through BankOS.

For product and channel leaders inside banks, this changes the tradeoff between ambition and capacity. They can stand up modern web and mobile experiences for fintech programs or direct customers much faster, using infrastructure that matches how the bank already works.

Prime Analytics

Prime Analytics brings reporting and business intelligence directly into the Treasury Prime console.

Banks and fintechs can:

• Monitor balances and transactions in one plac
• Segment activity by partner, vertical, or product
• Track revenue and program performance in ways that support real decisions
• Automate much of the reporting needed for internal committees and regulatory exams
  

For many teams, this moves them from feeling reactive to feeling prepared. Instead of scrambling before an exam, they live with the data every day.

Sandbox Console

The upgraded Sandbox Console mirrors production behavior much more closely and adds better reporting views.

Developers can test flows, edge cases, and reporting scenarios in an environment that feels real. Product, engineering, and compliance teams gain a shared space to explore “what if” questions long before customer funds are involved.

A unified BankOS suite

Taken together, Prime Banking, Prime Analytics, AI Marketplace, and the core ledger and payment rails of BankOS form a single infrastructure layer.

Banks stay in control of data and risk. Fintechs get the speed and flexibility they expect from modern APIs. Both sides work from the same source of truth.

Showing up where the future is shaped

Building trust in a changing market is about more than product launches. It is also about being present in the conversations that influence what comes next.

Conferences and events

In 2025, Treasury Prime leaders spoke at events including Money20/20, Fintech Meetup, Bank Automation Summit, the BaaS Executive Summit, AOBA, SaaStr, JAM FINTOP, Finovate Fall, the AFC Policy Summit, and the Philadelphia Federal Reserve fintech conference.

Across those stages, the questions were rarely abstract.

• How do you convince a risk committee that embedded banking can make a bank stronger, not weaker?
• What do you tell a partner whose previous program collapsed for reasons outside their control?
• How do you align innovation and compliance teams so that both feel heard?
  

Again and again, the answer came back to shared data, clear controls, and a design that keeps the bank at the center.

Editorial leadership

Treasury Prime’s policy and compliance leaders also contributed to the written conversation.

• In Corporate Compliance Insights, general counsel and chief compliance officer Sheetal Parikh explored how bank fintech partnerships can evolve under continued scrutiny
• In BAI, she wrote about building data resilience as open banking rules develop
• Treasury Prime’s own year end review of the embedded finance regulatory outlook linked the Synapse fallout to the need for sharper transaction visibility and business continuity planning

Media coverage in American Banker, Banking Dive, CUInsight, The Paypers, PYMNTS, and other outlets helped bring these ideas to a wider audience.

An Advancements television feature introduced the concept of a bank operating system to viewers who might never read a policy paper, but still care deeply about the safety of the financial system.

Looking ahead to 2026

The signals from 2025 point to an embedded banking market that is larger, more demanding, and more tightly supervised.

Regulators are drawing clearer lines around stablecoins, data access, and third party oversight. Boards and executive teams are asking more pointed questions about how programs behave under stress.

For Treasury Prime, the priorities for 2026 are clear.

• Deepen BankOS capabilities so banks can manage more of their embedded programs from a single console, with richer analytics, stronger reconciliation tools, and tighter controls for risk and compliance teams
• Expand the bank and credit union network, giving fintechs access to more specialized partners while helping institutions balance deposit growth with concentration risk
• Advance AI powered tools in analytics, partner matching, and operational workflows, building on AI Marketplace and Prime Analytics, so banks can use data more effectively without losing governance
• Continue to give banks direct control and data access across every embedded program so they can demonstrate safety and soundness to regulators while moving quickly with their partners

Behind each of these priorities is a simple intention. Make it easier for real people inside banks and fintechs to say “yes” to innovation with a clear conscience.

Plan your 2026 with Treasury Prime

Taken together, the past two years confirm that embedded banking is no longer a side project. It is becoming a core way for banks to reach new customers and for fintechs to deliver financial services at scale.

The programs that last will be the ones built with care. Those where data is reliable, controls are shared, and everyone at the table understands how the system behaves when conditions are difficult, not only when everything goes to plan.

Treasury Prime enters 2026 with:

• A maturing BankOS platform
• A growing network of banks and credit unions, including US Bank, KeyBank, and People Trust Community FCU
• A record of thoughtful engagement with regulators and media through pieces in Corporate Compliance Insights and BAI
• A track record of helping partners grow while staying grounded in compliance and transparency
  

If your institution is planning its next phase of embedded banking, this is a good moment to ask three simple questions.

• Do your current systems give you the visibility you need?
• Would your board and regulators be comfortable with how your programs behave under stress?
• Do you have enough flexibility in your bank relationships to support the growth you want?

If any of those answers give you pause, now is the time to explore options.

To see how Treasury Prime can help you move from uncertainty to durable, compliant growth in 2026, connect with our team here and start a conversation about your roadmap.