New in November: Plaid Exchange, Contactless Cards, Account Locking/Unlocking, and More

In this month’s product update, we highlight releases to improve your end-user’s customer experience, additional functionality to our Dashboard and Bank Console and improvements to /statements for commercial accounts.

In case you missed it: We held our first user conference, Activate, during Money 20/20. Our VP of Engineering, Mike Clarke, along with Senior Product Manager, Honor Flannery, presented Treasury Prime’s product roadmap and demoed new features.

‍Sneak peek: During the conference, we announced a new feature called Network Transfers that will revolutionize how our bank network functions. This will allow fintechs to move funds across accounts held at different institutions as if it was a simple book transfer. Tune in later this month as we go more in-depth! 

Plaid Exchange Integration

We partnered with Plaid to connect fintechs and enterprises to over 6,000 partners in the Plaid ecosystem, such as Acorns, Expensify, and Rocket Money. This new integration allows end-users to connect their Treasury Prime-backed bank account to external apps, all without having to repeatedly enter their account and routing number. Fintechs and enterprises using Treasury Prime’s API will now appear as a financial institution alongside other banks. It’s a simple set-up and an easy way to help create a seamless customer experience. Plaid’s ecosystem enables a myriad of use-cases for your end-users, including:

• External account funding: fund investment accounts using apps such as Acorns or Qapital
• International money transfers: send money abroad using apps such as Wise or WorldRemit
• Lending: apply for loans using apps such as Sofi or Avant
• Budgeting: get a better understanding of personal finances using budgeting apps such as Rocket Money or YNAB

Get in touch with us or reach out to your customer success manager to learn more.

Contactless Cards

Our debit card offering has been updated to enable contactless payments with tap-to-pay technology. The new dual-interface card contains a single chip module that supports both contact and contactless payment methods. Today, many consumers are choosing contactless cards as their primary payment card due to transaction ease.

You can now opt-in and order contactless cards for your end-users by contacting your customer success manager. 

Want more insight into embedded finance products for B2B SaaS companies? Download our ultimate guidebook.

Lock and Unlock Accounts in the Dashboard & Bank Console

Our Dashboard and Bank Console have been updated to allow admins to lock and unlock ledger accounts directly in the user interface. Whether there’s potential fraudulent activity or other risky behavior, locking an account to block certain activity while an investigation or remediation takes place can be crucial. 

Discuss how to best protect yourself against fraud with your customer success manager or check out resources on our blog.

Reset Multi-Factor Authentication

Admins can now reset MFA for Dashboard and Bank Console users through the Team Management page. To reset, admins should click to open the action menu on an MFA-enrolled user, and click the “Reset Multi-factor” button. Note: This action will only appear for users who are enrolled in MFA and have subsequently signed in. After resetting, the user will be prompted to reset their MFA on their next login. If the “Reset Multi-factor” action is unavailable for a particular user, you can continue to reach out to Treasury Prime for assistance.

Statements for Commercial Accounts

We made an update to our /statements endpoint specifically for commercial accounts. Now, automated statements will populate a business’s name instead of an individual's first and last name when the underlying account type is commercial. This change requires no action and will be populated automatically on the next statement generation. If you need to set up statements for your fintech, take a look at /statements in our documentation.

For more information about how to best use these new features, please reach out to your customer success manager to learn more. 

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