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Prime Trust launches PrimeCore, proprietary core banking software

By Pavithra R

November 02, 2020

  • Prime Trust
  • USA

Prime Trust, an innovative open-banking financial solutions provider, announced the launch of PrimeCore, a proprietary core accounting and customer asset management platform that empowers trust companies, banks, and FinTech businesses with a range of services spanning BSA compliance, asset liquidity, custody, transaction settlement and payment processing.

PrimeCore operates as a secure, cloud-based SaaS that is accessible via Application Programming Interfaces (API). From banks to securities exchanges, crowdfunding, real estate, and crypto exchanges are looking to include custody of fractionalized assets, including real estate, cryptocurrency, and securities to 18 decimal places, the platform scales to meet demand and provide a custom backend experience effortlessly.

“We’re seeing tremendous interest from banks and fintech innovators looking to get into the crypto space but they hit a roadblock once they realize that their legacy core systems like FIS, Fiserv and Jack Henry are not built to handle the precision requirements of fractional or digital assets. As a result, they experience massive amounts of drift and operational nightmares. PrimeCore is purpose-built to support these assets and allows B2B customers the ability to integrate into their systems via API’s. It’s a one-stop-shop that solves the pain points institutions are experiencing in trying to launch next-generation services.

Recently, the Office of the Comptroller of the Currency’s (OCC) has shown green light to banks to provide cryptocurrency custody services for customers. The launch of Prime Trust’s new core accounting and management system is expected to be more meaningful as the financial markets continue to move towards digital services and the cryptocurrency adoption rates accelerate, banks and other service providers recognize the need to leverage new technology to meet consumer demand.

“The fintech landscape has changed dramatically over the last few years with the emergence of mobile neobanking apps, blockchain-based assets, and increased consumptions of tech-driven financial products. We’re seeing a strong need in the market from retail consumers to make peer-to-peer payments, invest in crypto and fractional shares, as well as get debit cards tied to these app balances so they can spend them anywhere. PrimeCore is the only financial infrastructure product that’s built to support all these asset types, transactions, and compliance needs in one easy to integrate API package. We expect many new fintech platforms as well as giants looking to innovate and offer additional new features and services to leverage PrimeCore to get to market faster,” said Kevin Lehtiniitty, CPO of Prime Trust. 

Recently, Prime Trust integrated Bittrex to enable liquidity for corporate & institutional customers.

Founded in 2013 as an escrow company, Prime Trust is a technology-driven trust company modernizing financial infrastructure and packaging it into easy to use APIs and widgets.

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