FIS partners with Treasury Prime to provide finance capabilities
Using Application Programming Interfaces, companies are upgrading the technological infrastructure for financial institutions which put them at the forefront of digitising payments.
Florida-based payments software provider FIS has teamed up with Banking-as-a-Service (BaaS) company, Treasury Prime to offer finance tools using application programming interfaces (APIs) which would make FIs offer enhanced digital banking capabilities.
As noted, these embedded finance services are “easily scalable and create new revenue streams for small and mid-sized banks and fintechs by delivering solutions such as digital deposits, accounts payables, and other banking processes that augment or enhance the banks’ proprietary digital footprint”.
Last year, FIS launched cloud-based payments solutions while Pacific Western Bank selected Treasury Prime for API services.
Through APIs, FIS’ banking clients and businesses will be able to serve and manage deposits, accounts payables and other critical banking processes digitally and remotely. This will also aid banks to create new “revenue streams by expanding their client base outside their traditionally local footprint”.
“Embedded finance is a growing trend in the market because it allows businesses to bring innovative ideas quickly to market by combining financial services with user experiences right at the point of need,” said Kelly Beatty, Head of Payments at FIS.
Grasshopper would be the first digital commercial bank to tap into the FIS’s new embedded finance services. Grasshopper partnered with HUMBL, a Web 3 blockchain company with both consumer and commercial divisions, to utilise their bank services, powered by FIS and Treasury Prime, across its user base.