New Banking-as-a-Service (BaaS) model lets fintechs bring sophisticated embedded finance offerings to market fast
Piermont Bank, a tech-enabled digital commercial bank, and Treasury Prime, a Banking-as-a-Service (BaaS) company connecting banks and fintechs, announced today a strategic partnership that will enable fintech companies to embed Piermont’s payment and banking solutions into the applications they are building for their own customers using Treasury Prime’s APIs.
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“We’ve seen how banks and fintechs struggle to work together due to different corporate cultures and ways of doing things, and Piermont’s partnership with Treasury Prime is structured to solve the pain points and remove friction,” said Wendy Cai-Lee, founder and CEO of Piermont Bank. “As a new bank, Piermont shares the same entrepreneurial culture as fintechs, and we understand the need for speed, agility, and quick decision-making. Unlike traditional banks, Piermont understands the urgency of getting a product to market, and we’re able to move at the speed of fintech.”
Founded in 2019 with the mission to change the face and pace of banking, Piermont has built an end-to-end digital platform that is unencumbered by tech-debt. It takes a different approach to work with its fintech partners by offering its deep banking, compliance and risk management expertise in the commercial banking space and working closely with fintechs to develop the right offering for their end-users.
Together with Treasury Prime, Piermont will develop its own product roadmap based on the needs of its fintech partners and their commercial end-users to ensure that fintech clients have the features and capabilities they need for their growing businesses.
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“Piermont Bank shares our vision of enabling fintech companies to build great products that bring banking services to new and underserved markets,” said Chris Dean, CEO of Treasury Prime. “When you’re launching a new company or a new service, speed is essential, and this is most effective when you can work directly with both your bank and your technology partner. This partnership gives fintechs direct access to a bank partner who is committed to supporting their business, and to the industry’s easiest to use and best documented API so they can start building in minutes and launch in days.”
“Under this partnership, fintechs will have a direct and active relationship with Piermont Bank, who will act as a true collaborator instead of a behind-the-scenes “rent-a-charter” partner other banks have deployed,” added Cai-Lee. “This partnership marks a significant step in our goal of transforming commercial banking through innovation, technology and partnerships. We hope to give commercial banking a makeover that fintech has achieved in consumer banking.”
