There may be by no means a uninteresting second within the Banking-as-a-Service area. Treasury Prime is the newest firm to make information within the area.
Whereas Jason Mikula broke the story on LinkedIn it was confirmed by CEO Chris Dean on the firm weblog yesterday. Treasury Prime has laid off about half the corporate and is pivoting to a extra direct strategy with banks.
Whereas Treasury Prime had established itself as a significant participant within the BaaS area by promoting to fintechs, going ahead it is going to be centered on promoting software program to banks.
The corporate introduced a brand new Financial institution-Direct product that may assist banks work instantly with fintechs and types. So moderately than be a kind of matchmaking service between banks and fintechs they may work with banks to ascertain direct relationships with fintechs and different non-banks.
Dean additionally acknowledged the elevated regulatory scrutiny that has introduced quite a lot of uncertainty to the BaaS area. And regulators need banks to have direct oversight of their fintech companions and never use an middleman.
I’ve an interview scheduled with Chris Dean at Fintech Meetup on Tuesday to report a podcast episode, it immediately obtained a complete lot extra fascinating. Search for that in late March.
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