Piermont Bank Partners with Treasury Prime for BaaS Fintech Model
In November 2020, Piermont Bank announced a partnership with Treasury Prime to create a Banking-as-a-Service (BaaS) model bridging banks and fintech companies. The collaboration enabled fintechs to embed Piermont Bank's payment and banking solutions directly into their applications through Treasury Prime's developer-friendly APIs. Treasury Prime's full integration into core banking systems gave developers access to a wide range of services, from account opening to payments to card issuance.
Piermont Bank CEO Wendy Cai-Lee emphasized the bank's role as a true collaborator rather than a behind-the-scenes 'rent-a-charter' partner, aiming to address longstanding friction between traditional banks and fintechs. The platform promised fintechs easy-to-use and well-documented APIs, enabling them to start building in minutes and launch in days. Piermont Bank, a tech-enabled digital commercial bank, framed this partnership as part of its broader mission to transform commercial banking through innovation, technology, and partnerships, bringing fintech-level modernization to the commercial banking sector.
- Demonstrates growing demand for collaborative BaaS models where partner banks actively engage with fintechs rather than serving as passive charter holders
- Treasury Prime strengthens its position as a middleware BaaS layer by adding a digitally-native commercial bank to its network