Treasury Prime and Checkout.com Team to Offer Debit Card Funding

Embedded banking platform Treasury Prime has formed a long-term partnership with payments provider Checkout.com.

The collaboration, announced Tuesday (June 20), will include a series of initiatives, starting with a product that lets end users fund their accounts with their debit card credentials.

This tool, the companies said in a news release, is designed to reduce friction during account opening, leading to an improved user experience and availability of funds.

“The collaboration on these initiatives aligns with the mission of both companies to reduce payment friction and enhance the user experience,” said Mark Vermeersch, chief platform officer at Treasury Prime. “Together, we can address the market need for improved end-user experiences and optimized payment solutions, offering FinTech clients a competitive edge.”

According to the release, Treasury Prime customers will be able to contract directly with Checkout.com to leverage advanced solutions that let companies optimize their payment workflows and access capabilities via the Checkout.com platform.

PYMNTS’ Karen Webster spoke with Treasury Prime CEO Chris Dean earlier this year after the company raised $40 million. He noted that as the pandemic took root in 2021, banks were prepared to rethink their business models.

“What we saw back then,” Dean told Webster, “was that there was an ‘aha’ moment for many banks. They said, ‘Oh, wait. The internet’s real, and I don’t have to have branches everywhere.’”

That realization, Dean said, paved the way for banks to bring their compliance and financial service expertise to software platforms (such as Treasury Prime’s), and in doing so fuel innovation for both FinTechs and enterprises.

Dean noted to Webster that the company was planning to expand its network while developing new products and services. The company was planning to use its new funding to add more product specialists and engineers, as it sees particular demand for its instant, multibank transfer that moves funds in milliseconds.

“We’re a software company that’s running a marketplace,” he said, “and when you have these multisided networks, it’s more valuable as you get bigger.”

PYMNTS also spoke earlier this year with Akin Kayim, product manager for Checkout.com, on the importance of design and implementation when streamlining the checkout experience.

“It can vary from the placement of form fields to colors on the [call-to-action] buttons,” Kayim told PYMNTS. “Having a well-considered design makes this process frictionless and promotes stickiness to encourage the shopper to not only complete but also come back to the website and have that loyalty.”