U.S. digital bank Radius Bank announced on Thursday it has teamed up with API banking group Treasury Prime to launch its commercial API banking platform and developer sandbox. Radius noted that with API banking it is expanding its banking-as-a-service (BaaS) digital platform by offering commercial clients technology to help facilitate corporate banking needs.
Radius Bank also revealed that the Radius API Checking account allows commercial clients to manage their banking from within their own operating system by using APIs to send and receive payments and manage cash, rather than having to log into a separate bank-powered online banking system.
“Radius API Checking eliminates the need for transferring files and double data entry by tying banking transactions directly to the client’s business data.”
While sharing details about the platform, John Relyea, Senior Vice President of Commercial API Banking, stated:
“When we started working with Treasury Prime, we realized the number of companies that needed API Banking services and that drove us to create this product. We are excited for the response it’s received thus far and are excited to now launch it to all of our interested current and new clients.”
Chris Dean, CEO, Treasury Prime, added:
“They understand that banking services moving outside of banks presents a great opportunity for their business and, together, we’ve created offerings like API Banking that provide real value to clients. The developer sandbox is game-changing because developers can now understand how our APIs will perform in a live production environment.”
Radius Bank describes itself as an innovative full-service bank offering a full complement of consumer and business products and services. The bank is currently in the process of being acquired by LendingClub.