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Priority Announces Innovations to its Passport Product

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Priority, a payments and banking fintech, has announced significant enhancements to its Passport product within its banking and treasury solutions platform. The new features include:

  • Cash Builder: An FDIC-insured savings account with competitive interest rates and an embedded yield API for various investment options.
  • Cash Builder+: Accounts offering higher yields for qualified deposits.
  • Consumer Accounts: Individual Passport accounts allowing fund reception, bill payments, ATM access, and integration with digital wallets.

These enhancements aim to help businesses accelerate cash flow, streamline transaction reconciliation, and optimize working capital. CEO Tom Priore emphasized Passport's simple integration, ease of use, and functionality as unrivaled in the industry.

Priority, una fintech nel settore pagamenti e bancario, ha annunciato importanti miglioramenti al suo prodotto Passport all'interno della sua piattaforma di soluzioni bancarie e di tesoreria. Le nuove funzionalità includono:

  • Cash Builder: Un conto di risparmio assicurato dalla FDIC con tassi di interesse competitivi e un'API di rendimento integrata per varie opzioni di investimento.
  • Cash Builder+: Conti che offrono rendimenti superiori per depositi qualificati.
  • Conti Consumer: Conti Passport individuali che consentono la ricezione di fondi, il pagamento di bollette, l'accesso agli sportelli ATM e l'integrazione con portafogli digitali.

Questi miglioramenti mirano ad aiutare le aziende ad accelerare il flusso di cassa, semplificare la riconciliazione delle transazioni e ottimizzare il capitale circolante. Il CEO Tom Priore ha sottolineato l'integrazione semplice di Passport, la facilità d'uso e la funzionalità come impareggiabili nel settore.

Priority, una fintech de pagos y banca, ha anunciado mejoras significativas a su producto Passport dentro de su plataforma de soluciones bancarias y de tesorería. Las nuevas funcionalidades incluyen:

  • Cash Builder: Una cuenta de ahorros asegurada por la FDIC con tasas de interés competitivas y una API de rendimiento integrada para varias opciones de inversión.
  • Cash Builder+: Cuentas que ofrecen mayores rendimientos para depósitos calificados.
  • Cuentas para consumidores: Cuentas Passport individuales que permiten la recepción de fondos, el pago de facturas, acceso a cajeros automáticos e integración con billeteras digitales.

Estas mejoras tienen como objetivo ayudar a las empresas a acelerar el flujo de efectivo, simplificar la conciliación de transacciones y optimizar el capital de trabajo. El CEO Tom Priore enfatizó que la integración de Passport, su facilidad de uso y funcionalidad son incomparables en la industria.

Priority는 결제 및 은행 핀테크로서 은행 및 재무 솔루션 플랫폼 내에서 Passport 제품에 대한 주요 개선 사항을 발표했습니다. 새로운 기능은 다음과 같습니다:

  • Cash Builder: FDIC 보험이 적용된 경쟁력 있는 이자율을 가진 저축 계좌와 다양한 투자 옵션을 위한 내장 수익 API.
  • Cash Builder+: 자격이 있는 예치금에 대해 더 높은 수익을 제공하는 계좌.
  • 소비자 계좌: 자금 수령, 청구서 지불, ATM 접근 및 디지털 지갑과 통합할 수 있는 개별 Passport 계좌.

이러한 개선 사항은 기업이 현금 흐름을 가속화하고 거래 조정을 간소화하며 운영 자본을 최적화하는 데 도움이 되는 것을 목표로 합니다. CEO Tom Priore는 Passport의 간편한 통합, 사용 용이성 및 기능성이 업계에서 비교할 수 없다고 강조했습니다.

Priority, une fintech dans le domaine des paiements et de la banque, a annoncé des améliorations significatives à son produit Passport au sein de sa plateforme de solutions bancaires et de trésorerie. Les nouvelles fonctionnalités comprennent:

  • Cash Builder: Un compte d'épargne assuré par la FDIC avec des taux d'intérêt compétitifs et une API de rendement intégrée pour diverses options d'investissement.
  • Cash Builder+: Des comptes offrant des rendements plus élevés pour les dépôts qualifiés.
  • Comptes Consommateurs: Des comptes Passport individuels permettant la réception de fonds, le paiement de factures, l'accès aux guichets automatiques et l'intégration avec des portefeuilles numériques.

Ces améliorations visent à aider les entreprises à accélérer le flux de trésorerie, à simplifier la réconciliation des transactions et à optimiser le fonds de roulement. Le PDG Tom Priore a souligné l'intégration simple, la facilité d'utilisation et la fonctionnalité de Passport comme étant inégalées dans l'industrie.

Priority, ein Fintech im Bereich Zahlungen und Banken, hat bedeutende Verbesserungen an seinem Passport-Produkt innerhalb seiner Banking- und Treasury-Lösungsplattform bekannt gegeben. Zu den neuen Funktionen gehören:

  • Cash Builder: Ein von der FDIC versicherter Sparkonto mit wettbewerbsfähigen Zinssätzen und einer integrierten Rendite-API für verschiedene Investitionsmöglichkeiten.
  • Cash Builder+: Konten, die höhere Renditen für qualifizierte Einlagen bieten.
  • Verbraucherkonten: Einzelne Passport-Konten, die Empfang von Geldern, Rechnungszahlungen, Zugang zu Geldautomaten und Integration mit digitalen Geldbörsen ermöglichen.

Diese Verbesserungen zielen darauf ab, Unternehmen zu helfen, den Cashflow zu beschleunigen, die Transaktionsabstimmung zu vereinfachen und das Betriebskapital zu optimieren. CEO Tom Priore betonte die einfache Integration, Benutzerfreundlichkeit und Funktionalität von Passport als unübertroffen in der Branche.

Positive
  • Introduction of Cash Builder, an FDIC-insured savings account with competitive interest rates
  • Launch of Cash Builder+ accounts offering higher yields for qualified deposits
  • Addition of Consumer Accounts feature, expanding Passport's functionality to individuals
  • Integration with Apple, Google, and Samsung digital wallets for enhanced user convenience
  • Potential for increased revenue through new account offerings and features
Negative
  • None.

Insights

Priority's enhancements to its Passport product represent a strategic move to expand its financial services offerings. The introduction of Cash Builder, an FDIC-insured savings account with competitive rates and Cash Builder+ for higher yields, addresses the growing demand for efficient cash management solutions. This could potentially increase Priority's revenue streams and customer retention. The addition of consumer accounts broadens the company's reach into the B2C market, potentially driving user growth and transaction volume. However, entering the consumer banking space will likely intensify competition with established fintech players and traditional banks. While these innovations are positive steps, their impact on Priority's bottom line will depend on adoption rates and the company's ability to monetize these new features effectively.

The enhancements to Priority's Passport product align with current fintech trends of offering comprehensive financial solutions. The passive income feature through Cash Builder addresses the market demand for higher yields in a low-interest-rate environment. The expansion into consumer accounts through employer relationships is a clever strategy to acquire users at scale. This B2B2C approach could give Priority a competitive edge in user acquisition. However, the success of these features will hinge on user experience, interest rates offered and the strength of Priority's partnerships. The integration with popular digital wallets is important for meeting consumer expectations. While these updates are promising, their impact on Priority's market position and stock value will depend on execution and market reception. Investors should monitor adoption rates and any changes in Priority's revenue model resulting from these new offerings.

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Priority, the payments and banking fintech that streamlines collecting, storing, lending and sending money to unlock revenue opportunities, has announced significant enhancements to its Passport product within its banking and treasury solutions platform.

Passport seamlessly integrates payments, treasury and banking services on a scalable, native platform. It helps businesses of all sizes accelerate cash flow, streamline transaction reconciliation, and optimize working capital.

New enhancements to Passport include:

  • The ability for customers to passively earn money on idle funds – Cash Builder is an FDIC-insured savings account with competitive interest rates. Passport Cash Builder also integrates our advanced embedded yield API, which allows customers to invest in a variety of professionally managed options including money market, Treasury-backed securities, and short term investments. For those seeking even higher yields with high liquidity, Cash Builder+ accounts provide excellent rates for qualified deposits.
  • Consumer Accounts – Individuals can now get a Passport account that allows them to receive funds (including direct deposits), pay bills, access ATMs and integrate with Apple, Google and Samsung wallets. These accounts are available through employers and other organizations that have a relationship with Priority. The accounts allow money to be moved quickly and seamlessly between the organization and its individual constituents.

“Nothing rivals Passport’s simple integration, ease of use and functionality,” said Priority CEO Tom Priore. “With every enhancement, we’re perfecting the value of this powerful tool for businesses of all sizes.”

About Priority
Priority is the payments and banking fintech that enables businesses to collect, store, lend, and send funds through a unified commerce engine. Our platform combines payables, merchant services, and banking and treasury solutions so leaders can streamline financial operations efficiently — and our innovative industry experts help businesses navigate and build momentum on the path to growth. With the Priority Commerce Engine, leaders can accelerate cash flow, optimize working capital, reduce unnecessary costs, and unlock new revenue opportunities. For more information, visit prioritycommerce.com.

Media Inquiries:

Alison Jones

alison.jones@prth.com

Source: Priority Technology Holdings, Inc.

FAQ

What new features has Priority added to its Passport product?

Priority has added Cash Builder, an FDIC-insured savings account with competitive rates and investment options, Cash Builder+ accounts for higher yields, and Consumer Accounts allowing individuals to receive funds, pay bills, and access ATMs.

How does the new Cash Builder feature in Passport benefit customers?

Cash Builder allows customers to passively earn money on idle funds through an FDIC-insured savings account with competitive interest rates. It also includes an advanced embedded yield API for various investment options.

Can individuals now open a Passport account with Priority (PRTH)?

Yes, individuals can now open Passport accounts through employers or organizations that have a relationship with Priority. These accounts allow for direct deposits, bill payments, ATM access, and integration with digital wallets.

What digital wallet integrations does Priority's Passport now support?

Priority's Passport now supports integration with Apple, Google, and Samsung digital wallets for individual consumer accounts.

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Priority Technology Holdings, Inc.

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