Treasury Prime, a leading embedded banking software company, announced its strategic partnership with Narmi, a leading 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.
“Narmi’s FedNow Service Provider capabilities combined with Treasury Prime’s embedded banking platform creates a unique and powerful offering,” says Mark Vermeersch, Chief Platform Officer at Treasury Prime. “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.
“Narmi and Treasury Prime share a common vision to better serve the needs of small to mid-sized financial institutions,” says Chris Griffin, co-founder of Narmi. “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.”
Treasury Prime is building the future of finance. Through its cutting-edge embedded banking software, Treasury Prime 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. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and 2022, and was named to CB Insights’ annual 2021 Fintech 250 list.
SOURCE: Businesswire