Treasury Prime, the embedded banking software platform, recently announced the launch of OneKey Banking.
This “first-of-its-kind” technology enables Treasury Prime customers “the ability to unlock the full potential of the industry’s largest bank network (15+ financial institutions) using instant cross-bank transfers (network transfers).”
OneKey Banking includes “a multitude of components, such as network transfers and single-key access to Treasury Prime’s rapidly growing bank network.”
While the components alone are powerful and groundbreaking, the whole is truly greater than the sum of its parts: OneKey Banking unleashes Treasury Prime’s industry-changing technology, “providing enterprises with access to a holistic platform to power their business.”
As enterprises mature, their growth “can often outpace their Banking as a Service (BaaS) solution.”
Treasury Prime OneKey Banking is “the answer to that problem; it eliminates the need to change providers due to deposit growth or feature access.”
Flexible by design, OneKey Banking “allows companies of any size and on any growth trajectory to seamlessly manage deposits, transfer funds, send instant payments, mitigate risk, scale, and access features via an easy-to-use interface, eliminating many common headaches seen across the BaaS landscape.”
Treasury Prime CEO and co-founder Chris Dean said:
“OneKey Banking brings us that much closer to our vision of creating a de facto banking standard for our partner banks. An enterprise can treat its partner banks as a true network using the same tools they would with any single bank in our network. They can access any account at any bank and instantly move money between any account at any other bank on our platform.”
Mark Vermeersch, Treasury Prime’s Chief Platform Officer, added:
“The instant cross-bank transfer facilitated by OneKey Banking is a game changer in financial technology, allowing fintechs and enterprises to choose the best banking partner for a particular product or service, and move money between banking partners instantly. The Treasury Prime bank network can be treated as a coherent whole, allowing banks to focus on products and deals that satisfy their risk and business appetite, all built with technology committed to maintaining the highest standards of regulatory compliance.”
Within its first month, OneKey Banking “enabled deposits in excess of $350 million across multiple Treasury Prime network banking partners.”
The company expects its bank and fintech partners “to move billions more in deposits in the coming months.”
The benefits of OneKey Banking “extend beyond the enterprise side, delivering high value for banks.”
OneKey Banking allows banks of all sizes “to optimize innovation channels using one standard API with their embedded clients.”
This announcement comes “just a month after the firm announced its Series C funding round, bringing in $40 million.”
In the last year, the company has “secured top-tier business relationships including FIS, Jack Henry and Plaid.”
The firm also “landed a number of industry accolades, including Tearsheet’s ‘Best Banking-as-a-Service Platform’ for 2021 and 2022.”