Treasury Prime, FirstBank, and High Circle Launch High-Yield BaaS Checking Accounts
On January 16, 2024, Treasury Prime announced the launch of a new embedded banking program in partnership with FirstBank and High Circle, offering high-yield commercial checking accounts. The program is powered by Treasury Prime's embedded banking software, which handles the fintech-bank integration layer. Targeting high-net-worth individuals and businesses, the accounts provide up to $125 million in FDIC insurance coverage through the Intrafi deposit network.
Additional features include ACH and wire transfer capabilities, along with auxiliary financial services available through a marketplace. The initiative is designed to address gaps in traditional banking by minimizing risk while maximizing returns for depositors. Treasury Prime serves as the BaaS infrastructure provider, while FirstBank acts as the chartered bank partner and High Circle operates as the customer-facing fintech.
No specific financial terms of the partnership were disclosed.
- Demonstrates continued demand for BaaS-powered deposit products targeting high-net-worth and commercial segments despite increased regulatory scrutiny of the BaaS model.
- Use of the Intrafi network for extended FDIC coverage highlights how BaaS programs are layering third-party infrastructure to compete with traditional private banking offerings.