Embedded banking software provider Treasury Prime partnered with digital banking solutions company Narmi.
Banks in the Treasury Prime network will be able to offer their BaaS clients access to a real-time payment platform via Narmi’s FedNow service.
Under the agreement, Narmi will act as the service provider for FedNow.
Embedded banking software provider Treasury Prime announced today it has partnered with digital banking solutions company Narmi. As a result of the agreement, Treasury Prime will be able to offer its banking customers the ability to send and receive money through FedNow.
Banks in the Treasury Prime network can offer their BaaS clients a real-time payments platform via Narmi’s FedNow service. Narmi supports all of the FedNow offerings, including the ability to receive funds, send money to linked and external accounts, and request for payment (RFP). By adding real time payment capabilities to their BaaS capabilities, banks can help their fintech clients remain competitive, drive engagement, and increase revenue streams.
“Narmi’s FedNow Service Provider capabilities combined with Treasury Prime’s embedded banking platform creates a unique and powerful offering,” said Treasury Prime Chief Platform Officer Mark Vermeersch. “We are excited to partner with Narmi to streamline the integration of FedNow for our financial institution customers, allowing them to stay at the forefront of real-time payments and fintech services.”
To keep things simple for banks, Narmi will act as the service provider for FedNow, handling complex tasks such as connecting directly to the Federal Reserve, posting transactions to the core banking system, and facilitating compliance and operational requirements.
Founded in 2017, Treasury Prime helps banks become partner banks by building an embedded banking platform. The San Francisco-based company helps its bank clients build and deploy a wide range of financial products, including business bank accounts, payment processing, and lending solutions, all integrated with their existing systems.
New York-based Narmi was founded in 2016 to offer banks the digital banking tools they need to increase profitability, deposits, and accounts. In addition to the company’s FedNow service, it also offers commercial and retail digital banking tools, digital account opening capabilities, analytics, and an administrative portal.
“Narmi and Treasury Prime share a common vision to better serve the needs of small to mid-sized financial institutions,” said Narmi Co-Founder Chris Griffin. “This partnership with Treasury Prime represents a significant leap forward for these banks, opening doors to new revenue streams and enabling them to meet the ever-increasing demand for real-time payment solutions in the modern financial landscape.”
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