Treasury Prime Announces Banking-as-a-Service Partnership with First Internet Bank

Rhea-AI Summary

Treasury Prime has partnered with First Internet Bank to enhance its Banking-as-a-Service (BaaS) offerings. This collaboration aims to provide innovative banking solutions to fintech and small business clients, strengthening Treasury Prime's network to 15 financial institutions. With a focus on expanding services, both companies will leverage Treasury Prime's API technology and First Internet Bank's compliance infrastructure. The partnership follows similar agreements with Bangor Savings Bank and FB Financial Corp, highlighting increasing market demand for integrated banking solutions.

Positive

• Partnership with First Internet Bank enhances BaaS offerings.
• Network expansion to 15 financial institutions indicates growth.
• Increased demand for innovative banking solutions noted.

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• None.

Digital bank with $4.1 billion in assets expands fintech offerings

SAN FRANCISCO and FISHERS, Ind., Oct. 18, 2022 /PRNewswire/ -- Treasury Prime, a leading Banking-as-a-Service (BaaS) company, today announced a formal agreement with First Internet Bank to make its award-winning embedded finance offerings available to more fintech and small business clients. The partnership continues Treasury Prime's efforts to build an industry-leading bank network, which now totals 15 financial institutions nationwide.

Treasury Prime's industry-leading bank network now totals 15 financial institutions nationwide.

Through Treasury Prime's cutting-edge API integrations and BaaS tools along with First Internet Bank's robust infrastructure and compliance programs, tech-forward clients will be able to expand their services and connect with more customers. Treasury Prime currently works with industry-leading neobanks Challenger, which offers an employer-sponsored savings program to help employees save with each paycheck automatically, and Zeta, which offers a joint account to help modern families thrive.

"We are excited to bring an institution like First Internet Bank into our network as their focus mirrors our own in helping move this market forward. We've seen robust growth in our bank network, further indicating market demand for new ways to cost-effectively increase deposits while delivering tremendous value to customers," said Jeff Nowicki, VP of Banking at Treasury Prime. 

"By working together, First Internet Bank and Treasury Prime can help fintechs and enterprises deliver innovative accounts with debit cards and payments capabilities," said David Becker, Chairman and Chief Executive Officer at First Internet Bank. "The BaaS landscape continues to evolve, and Treasury Prime has the experience in this space to meet today's needs and tomorrow's challenges."

The First Internet Bank news comes just days after Treasury Prime announced similar relationships with Bangor Savings Bank, FB Financial Corp (FirstBank) and Third Coast Bank. The company expects to make additional announcements related to its bank network in the weeks ahead.  

For more information about Treasury Prime and to learn more about its BaaS network, visit treasuryprime.com. For First Internet Bank, visit firstib.com.

About Treasury Prime 

Treasury Prime is building the future of finance.  Leveraging its award-winning APIs and versatile 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. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and named to CB Insights' annual 2021 Fintech 250 list. 

About First Internet Bank 

With assets of $4.1 billion as of June 30, 2022, First Internet Bank provides consumer and small business deposits, SBA financing, consumer loans, residential mortgages and specialty finance services nationally. First Internet Bank also offers commercial real estate loans, commercial and industrial loans and treasury management services. Additional information about the Bank, including its products and services, is available at www.firstib.com. First Internet Bank is a wholly owned subsidiary of First Internet Bancorp (Nasdaq: INBK). First Internet Bank is a member FDIC.

View original content:https://www.prnewswire.com/news-releases/treasury-prime-announces-banking-as-a-service-partnership-with-first-internet-bank-301651948.html

SOURCE Treasury Prime

FAQ

What is the partnership between Treasury Prime and First Internet Bank about?

The partnership aims to enhance Banking-as-a-Service offerings, providing innovative banking solutions to fintech and small business clients.

How many financial institutions are part of Treasury Prime's network after the new partnership?

Treasury Prime's network now totals 15 financial institutions.

What technology will Treasury Prime use in its partnership with First Internet Bank?

Treasury Prime will use its API technology along with First Internet Bank's compliance infrastructure.

What recent partnerships has Treasury Prime announced?

Recently, Treasury Prime announced partnerships with Bangor Savings Bank and FB Financial Corp.

When was the partnership between Treasury Prime and First Internet Bank announced?

The partnership was announced on October 18, 2022.