Small businesses (SMBs) in the U.S. now have a new option when opening a bank account. Digital bank Radius Bank is collaborating with Treasury Prime to develop the Tailored Checking Account geared toward entrepreneurs in need of accelerated services, the businesses announced in a press release Tuesday (June 12).
Micro- and small business owners can use any device to open their account, the companies said. Their collaboration is part of their broader efforts to enhance digital financial services for SMBs, the firms noted. The product includes money management capabilities, including bill payment, check deposit and account activity overview. The companies are also offering entrepreneurs a business debit card.
Radius Bank President and CEO Mike Butler said in a statement, "We are thrilled to partner with an innovative and forward-thinking FinTech organization like Treasury Prime to bring this long-needed product offering to small business owners. By offering a user-friendly digital solution, we aim to make it really easy for our clients to handle their banking, thus, freeing up time for them to focus on what matters most: successfully managing their business."
Treasury Prime CEO Chris Dean said in another statement, "Today's businesses expect their bank to provide fast, easy-to-use online services, just like any other internet company. But banking technology has lagged far behind, making it impossible for banks to keep up. Business owners don't have time to waste filling out paper forms at a traditional bank."
Small business banking competition in the U.S. is heating up, but industry players agree that the industry has work to do.
"Business banking is still in its infancy stage," said Salman Mahmood, CEO of BleuPage, in a recent interview with PYMNTS. "There is a lot of functionality missing in today's business banking, which is causing an unnecessary burden on payments."