Treasury Prime partners with Plaid

Leveraging a proprietary solution, the relationship allows Treasury Prime customers to link their accounts to a range of fintechs – including Branch, Rocket Money, You Need a Budget, Qapital, and Betterment – in order to deliver payments all within a matter of seconds. This feature accelerates the transaction speed and delivers a better overall user experience.

The announcement of Treasury Prime's integration with Plaid is the latest in a series of partnership announcements from the Banking-as-a-Service (BaaS) firm. The company recently announced acceptance into Jack Henry Vendor Integration Program as well as the addition of FirstBank and Bangor Savings Bank to its one-of-a-kind bank network.

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 services including money transfer, risk mitigation, and access to a chartered bank's infrastructure.

Plaid’s recent developments

In October 2022, Plaid has announced it boosted its identity verification tool with an improved anti-fraud engine. Stolen or fraudulent identities can lead to threats to your business in the form of account takeovers, fraudulent transactions, and unwanted losses. Plaid launched Plaid Identity Verification (IDV) to help digital financial services apps onboard more good customers quickly and securely.

The same month, Plaid has ventured into the world of Web3 with the release of its first crypto product, a wallet connector. The ‘Wallet Onboard’ tool will allow developers to onboard consumers through a ‘seamless wallet linking experience’ with Web3. At the same time, Plaid will have the ability to enable connectivity to more than 300 self-custody crypto wallets, all with one integration.

The main advantage of the wallet connector is the ease of use and simplicity for both developers and consumers, but the head of identity at Plaid added that the product also adds trust to the crypto space.

Consumers’ financial wellbeing

Consumers’ financial stress is on the rise, 62% of consumers having stated that this has increased since 2021, with 83% citing the rising cost of living as being their main concern. The economic backdrop, with interest rates rising and inflation, influences people’s confidence when it comes to their relationship with money, this having declined to 61% in 2022 from 77% in 2021; additionally, a worrisome 41% of consumers have reported they have little to no confidence in the economy.

However, The Fintech Effect report highlights the opportunities for enhancing consumers’ financial wellbeing; approximately three quarters of consumers (74%) have stated that they need their bank to be able to connect to the apps and services they want to use, whereas 48% have expressed a wish for seeing their bank partner up with more fintech companies. Open Finance is seen as being the next step when it comes to UK consumers’ understanding and managing of their holistic financial life, due to its enhanced connection of financial data that includes pensions, savings, and investments.

To find out more about Plaid, check their profile in our company database.