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Treasury Prime launches new compliance solution to empower FinTechs

By Edlyn Cardoza

February 01, 2022

  • Alloy
  • AML
  • API

Treasury Prime, BaaS, Compliance, FinTech, Risk Management, Regulatory, Consumer Financial Protection Bureau, BSA, AML, KYC, Alloy, Unit21, API, Identity Management, USATreasury Prime, the leading Banking as a Service (BaaS) company, is expanding its compliance offerings with a new compliance solution that enables FinTech companies to build and launch risk-based compliance programs in weeks.

The enhanced suite of compliance tools, resources, and regulatory experts enables FinTechs to build custom compliance programs designed to protect them from the risks most likely to cause harm to their business and customers. By adopting a proactive approach to compliance, FinTechs will be viewed more favourably by regulators and bank partners, ultimately allowing them to launch and scale their offerings more effectively.

“The regulatory landscape is shifting for fintechs. Regulators now expect fintechs to adhere to the same level of regulatory obligations as banks if they are going to be offering banking products,” said Sheetal Parikh, Associate General Counsel and Vice President of Compliance Solutions for Treasury Prime. “Our new solution provides fintechs the sophisticated tools and expert guidance needed to quickly build a strong compliance framework that meets the robust compliance standards imposed on banks.”

The Consumer Financial Protection Bureau recently issued a series of orders to collect information on the business practices of large technology companies operating payments systems in the U.S. While Treasury Prime’s BaaS model allows FinTech clients to embed banking services into their offering immediately, these clients must simultaneously build strong compliance programs to keep pace with the industry’s growing collection of regulations.

“Under increased regulatory scrutiny, fintechs must decide on a compliance strategy that addresses short-term risks while making it possible to scale over the long term,” added Parikh. “By giving fintechs greater control over their compliance program and direct access to banking partners, this solution empowers fintechs to protect their business and customers without compromising their need to innovate quickly on the solutions they bring to market.”

Key benefits of Treasury Prime’s compliance offering include:

  • Greater control over customer experience: By equipping FinTechs with a toolkit and employing a consultative approach, Treasury Prime empowers companies to customize their compliance program and control the account opening experience, which can lead to better conversions, fewer manual reviews, and easier identification of false positives.
  • Direct partnership with bank partners: Outsourcing compliance to a third party invariably skews the risk profile to be either over-inclusive or under-inclusive. Treasury Prime gives FinTechs a seat at the table, so they have complete visibility into issues and the ability to manage their risk profile.
  • Access to powerful tools and regulatory experts: Treasury Prime provides guidance on regulatory requirements like BSA/AML compliance by developing a foundational program customized to FinTech’s unique risk profile.

Sponsor banks and their partner FinTechs face the challenge of managing compliance and risk oversight across a wide variety of offerings. Treasury Prime has partnered with RegTech leaders Alloy and Unit21 to provide FinTechs access to their powerful identity decisioning and transaction monitoring tools within their environments.

Alloy PartnershipBy partnering with Alloy, Treasury Prime can offer FinTechs a full suite of compliance and identity management products to satisfy all KYC & AML regulations through a single API connection that can be live in a matter of weeks.

“We’re extremely proud to partner with Treasury Prime, supporting their mission of enabling fintechs to launch expeditiously. This mission closely aligns with Alloy’s goal of creating a future in which banking is accessible for all,” says Brian Bender, VP of Strategic Alliances at Alloy. “Alloy’s integration with Treasury Prime is a cornerstone of their digital onboarding process, providing the necessary infrastructure for fintechs to automate identity and risk decisioning that can be optimized as they grow.”

Unit21 PartnershipWith out-of-the-box data integration between Treasury Prime and Unit21, banks and FinTechs can leverage Unit21 functionality to deploy pre-configured quickly, FinTech-specific rule sets and models to monitor suspicious activity, modify those rules and models to fit their exact use cases, and deploy their own custom rules and models as necessary. This joint offering also enables collaborative alert investigation in real-time within the system. 

With this framework, bank partners can allocate first-level alert adjudication to the FinTechs, who often are best positioned to understand whether activity within the platform is indeed risky. At the same time, bank partners have complete visibility into the underlying activity and disposition of alerts.

“We are thrilled to be a key partner with Treasury Prime on their compliance offering for fintechs and sponsor banks,” said Trisha Kothari, CEO and Co-Founder of Unit21. “Treasury Prime empowers fintechs to launch innovative financial products faster than ever. The flexibility of Unit21’s transaction monitoring and case management solutions for fraud and AML helps them to do so in a confident and compliant manner.”

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