With this partnership, Priority’s commerce solutions will integrate with Treasure Financial’s embedded yield application programming interface (API), the companies said in a Monday (Dec. 11) press release.
This integration will enable Priority’s customers to allocate their excess working capital to an investment account across a diversified portfolio, according to the release.
“We are on a mission to change the way businesses, large and small, think about their payment solution providers by providing technology and services as revenue accelerators to grow their businesses and drive efficiency in their operations, and not as another cost center,” Thomas Priore, chairman and CEO of Priority, said in the release.
The new partnership will allow the users of Priority’s unified commerce platform to manage the point of sale (POS) or receivables payments in their Passport financial account in more ways, according to the press release.
These customers will have access to both Treasure’s higher-yielding investment capabilities and Passport’s payables tools so they can optimize working capital on a single platform, the release said.
“We are proud to partner with Priority to leverage the Treasure API and embed our corporate-grade cash management offering directly on the Priority Passport platform,” Ben Verschuere, co-founder and chief investment officer at Treasure Financial, said in the release. “This partnership is a testament to Treasure’s capabilities and will enable Priority’s customers to constantly maximize the yield on their idle cash without leaving the platform.”
With a unified commerce platform like Priority’s, businesses can open a deposit account, order a debit card and meet most of their financing needs through a single seamless and convenient customer experience, Priore wrote in the PYMNTS eBook “2023 Payments New Year’s Resolutions.”
“At Priority in 2023, we are building with intention toward the convergence of payments with embedded banking by offering a single platform to collect, store and send money that can quickly modernize legacy platforms and accelerate our partners’ effort to monetize payments,” Priore wrote at the time.
In another recent development, Priority launched a tech partnership with Datacap to provide customers with improved compatibility with processing and point-of-sale (POS) systems, and other Banking-as-a-Service (BaaS) benefits, PYMNTS reported in November.