Treasury Prime Joins BaaS Association to Advance Embedded Banking Standards
On June 22, 2023, Treasury Prime, an embedded banking software platform, announced that it joined the Banking-as-a-Service (BaaS) Association. The BaaS Association, founded in 2022 under the Bankers Helping Bankers network, represents over 80% of U.S. BaaS sponsor banks and works to promote compliant banking services and best practices across the industry.
By joining, Treasury Prime gains access to an industry network of banks, fintechs, and technology providers collaborating on BaaS strategies. The partnership aims to support efforts to expand financial access for underbanked communities. Treasury Prime contributes its embedded banking technology platform, while the Association provides advocacy and a collaborative framework for sponsor banks and their fintech partners.
No financial terms of the membership were disclosed. The move signals Treasury Prime's commitment to aligning with regulatory best practices during a period of heightened supervisory attention on BaaS relationships.
- Industry self-organization through the BaaS Association signals maturing BaaS market seeking standardized compliance frameworks
- Growing regulatory scrutiny is driving BaaS platforms to join advocacy groups to shape best practices proactively