The announcement you provided highlights a strategic partnership between Treasury Prime, an embedded banking software company, and Liberty Bank, N.A., a full-service commercial bank based in California. This partnership aims to offer innovative embedded banking solutions to customers in the fintech space.
Key points from the announcement:
- Partnership Overview: Treasury Prime and Liberty Bank, N.A. are teaming up to provide innovative embedded banking solutions to businesses in the fintech sector.
- Services Offered: Liberty Bank, N.A. will collaborate with businesses on the Treasury Prime platform to create new channels for end users to access and utilize a range of financial services. These services include Deposit Accounts, ACH (Automated Clearing House) transfers, and Wires.
- Addressing Market Demand: The partnership is a response to the increasing demand for flexible and scalable embedded banking solutions that cater to the evolving needs of businesses and customers. The focus is on fostering growth across a diverse range of businesses, facilitating both B2C and B2B payments, and supporting e-commerce companies and real estate professionals.
- Innovation and Responsiveness: The collaboration aims to foster innovation while adhering to the regulatory climate. It acknowledges the importance of embracing cutting-edge technologies in the fintech landscape to remain competitive.
- Benefit for Liberty Bank, N.A.: The partnership with Treasury Prime is expected to drive deposit growth and fee income for Liberty Bank, N.A. It also allows the bank to offer seamless banking experiences to a diverse customer base, thereby attracting new clients.
- Scale and Expansion: Treasury Prime has been successful in expanding its bank network, encompassing over 16 financial institutions across the United States.
- About Treasury Prime: Treasury Prime is described as a company building the future of finance. It provides APIs and embedded banking products that enable banks and enterprise partners to innovate, adapt, grow, and compete in a rapidly changing financial landscape. The company has received industry recognition and awards, including being named the Best Banking-as-a-Service Platform.
- About Liberty Bank, N.A.: Liberty Bank, N.A. is a full-service commercial bank with a strong presence in various California markets. It emphasizes scalability, a competitive banking platform, and exceptional client service.
This partnership represents a significant move in the financial technology space, addressing the growing need for advanced banking solutions and enhanced technology offerings in the digital era. It aims to benefit both companies by allowing them to remain competitive and serve a diverse customer base with modern financial services.