“OneKey Banking brings us that much closer to our vision of creating a de facto banking standard for our partner banks,” Treasury Prime CEO and co-founder Chris Dean said in a statement. “An enterprise can treat its partner banks as a true network using the same tools they would with any single bank in our network.”
The San Francisco-based fintech said its new solution allows embedded finance companies to access the multi-bank network, build new products across the banks, and transfer money between them while managing deposit growth.
Addressing banking fragmentation
“The U.S. banking system is strangely and surprisingly fragmented,” Dean told Banking Dive.
“We [have] had this idea from really early on for Treasury Prime that we would launch a part of our platform that lets you treat the banks directly. Then you don’t need to have different technology, different ways to access the bank.”
Treasury Prime did its beta stage with AngelList Ventures, which is using the tool to move money around more than three banks currently, he noted.
Grasshopper Bank recently deployed OneKey Banking with an existing customer and is on the verge of securing a new client with the new platform, according to the fintech.
“We have a strong partnership with Treasury Prime, where a few of us on the team have been working with them since their founding years ago,” Chris Tremont, Grasshopper’s chief digital officer, told Banking Dive via email.
The New York City-based bank partnered with Treasury Prime at the beginning of 2022 to be the pilot bank to launch the fintech’s embedded banking platform with FIS.
“Since that time, we have welcomed a number of fintech and technology clients onto the platform and look forward to continuing to serve this market with Treasury Prime. The OneKey offering is a powerful one in the market and adds an extra layer of comfort and security to clients looking for the ability to work with multiple bank partners,” Tremont added.
The primary difference between OneKey Banking and older technologies is the direct relationship to the bank, Dean pointed out.
“The banks love it because it’s just the bank accounts [and] they’re confident that it’s real money,” he said. “They’re confident in the relationship; they are confident in the compliance; banks are great at handling compliance. And by letting them do that, the fintechs can take advantage of all the work the bank does already.”
OneKey Banking enabled more than $350 million in deposits across multiple Treasury Prime network banking partners within the first month of its launch, the fintech said.
In February, the Treasury Prime announced it raised $40 million in Series C funding and that it plans to continue to build its multi-bank network solution as well as develop new products, including lending options and an integrated partner marketplace solution.
Close on the heels of OneKey Banking, Treasury Prime announced a partnership with Cable, a financial crime compliance effectiveness testing platform for its customers. This partnership will help banks and companies working with the fintech to access automated assurance about their financial crime controls — enabling them to monitor their operations and demonstrate the effectiveness of their compliance program to regulators, bank partners and stakeholders within a single platform, the company said.
“With fraud on the rise and becoming increasingly sophisticated, companies need state-of-the-art technologies to beat bad actors,” Dean told Banking Dive via email. “Regulatory compliance has been a central pillar at Treasury Prime from the beginning. We believe that the only way to manage a fintech partnership is for the chartered bank to guarantee compliance. This new partnership with Cable ensures that and will enhance our suite of compliance offerings for embedded banking companies into the future.”
