Treasury Prime, a Banking-as-a-Service (BaaS) company, announced a partnership with Bangor Savings Bank in order to deliver its BaaS offerings to the bank and companies it partners “within the financial services industry.”
By partnering with Treasury Prime, Bangor Savings Bank will “be able to work with businesses to allow them to embed financial services into their platforms.”
For the Bank, this translates into “expanded revenue opportunities and low-cost deposits.” The addition of Bangor Savings Bank “brings the total banks in the Treasury Prime bank network to 14, a key differentiator in the crowded BaaS market.”
Chris Dean, co-founder and CEO of Treasury Prime, said:
“Bangor Savings Bank’s long-held culture of innovation and deep technical experience makes them an ideal partner. By adding Bangor Savings to our one-of-a-kind network of banks, we’ll be able to help them quickly and cost-effectively support financial service partners. For enterprises, this partnership means even greater flexibility as they look to innovate and scale.”
Bangor Savings Bank is “one of first banks on the Jack Henry core to leverage Treasury Prime’s BaaS offerings.” News of this partnership “comes just days after Treasury Prime announced similar relationships with another Jack Henry core bank, FB Financial Corp (FirstBank) and Third Coast Bank.”
Jamey Doughty, Chief Innovation Officer of Bangor Savings Bank, remarked:
“We are thrilled to be part of the fintech movement and support the innovation and value they provide, while playing a vital part to ensure their success. Through this relationship the Bank can further support the good work of these financial partners by providing them with banking services to have an even broader community impact through their efforts.”
As covered, Treasury Prime is “building the future of finance.”
Leveraging its APIs and Banking as a Service (BaaS) products, Treasury Prime “enables fintechs, banks and corporate partners to innovate, adapt, grow and scale to stay competitive in a rapidly changing marketplace.”
The company “helps fintechs with a range of complex services including money transfer, risk mitigation and access to a chartered bank’s infrastructure.” Treasury Prime works “with forward-thinking banks to extend their boundaries, helping to grow topline revenue and lower the cost of deposits.”
