Treasury Prime, an embedded banking software company, announced today its strategic partnership with Narmi, a provider of digital banking solutions for financial institutions.
This collaboration enables Treasury Prime’s banking customers “to send and receive money instantly through the FedNow Service and integrate the FedNow experience into their products.”
Through this partnership, financial institutions in Treasury Prime‘s network can now offer their Fintech clients “a secure, efficient, and user-friendly platform for real-time payments, thereby enhancing their offerings and increasing revenue.”
Narmi’s FedNow service will “support the full suite of the FedNow Service offerings, including Receive, Sending to linked and external accounts, and Request for Payment (RFP).”
Standing up the FedNow Service is an extremely technical feat and one that small and mid-sized banks don’t attempt to do themselves.
Narmi acts as the financial institution’s official Service Provider “for FedNow and handles the bulk of the complexity, including connecting directly to the Federal Reserve, posting transactions to the core banking system, and empowering the operations team to meet compliance and operational requirements.”
Mark Vermeersch, Chief Platform Officer at Treasury Prime, said:
“Narmi’s FedNow Service Provider capabilities combined with Treasury Prime’s embedded banking platform creates a unique and powerful offering. We are excited to partner with Narmi to streamline the integration of FedNow for our financial institution customers, allowing them to stay at the forefront of real-time payments and fintech services.”
Through integrating the FedNow Service, Treasury Prime’s banking customers can enhance their Banking as a Service (BaaS) offerings, “allowing them a clear path to providing instant payment services to fintechs within their network to remain competitive, create stickiness, drive engagement and increase revenue streams.”
Chris Griffin, co-founder of Narmi, said:
“Narmi and Treasury Prime share a common vision to better serve the needs of small to mid-sized financial institutions. This partnership with Treasury Prime represents a significant leap forward for these banks, opening doors to new revenue streams and enabling them to meet the ever-increasing demand for real-time payment solutions in the modern financial landscape.”
This partnership comes on the heels of Treasury Prime’s recent partnership announcement with OMB Bank, further building out the firm’s industry-leading bank network. For more information about Treasury Prime, visit treasuryprime.com.
As covered, Treasury Prime says it is “building the future of finance.”
Through its embedded banking software, Treasury Prime says it “facilitates seamless connections between banks and enterprise partners, equipping them with everything they need to launch innovative financial products with a strong commitment to responsible practices.”
Beyond its core banking offerings, which “encompass accounts, payment infrastructure, and enhanced FDIC insurance, Treasury Prime also provides a robust partner marketplace.”
This marketplace offers a wide range of auxiliary services, “tailored to meet the diverse needs of bank-fintech partnerships.”
