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New in February: Enhanced FDIC Insurance Improvements, ARC SEC Code Support, and more
In this month’s product update we’re announcing some very-highly anticipated releases – the extension of Enhanced FDIC Insurance to interest bearing and international corporate accounts; ARC SEC code support for incoming payments; and user-friendly transaction descriptions on statements.
Looking for more updates? Check out the Changelog.
Product updates
Enhanced FDIC Insurance improvements
We’re continuing to roll out improvements to our Enhanced FDIC Insurance capabilities. One of our most popular offerings, Enhanced FDIC Insurance enables fintechs, in collaboration with their bank partners, to extend FDIC Insurance from $250k to tens of millions of coverage.
With these new improvements you are now able to enroll the following account types in Enhanced FDIC Insurance:
- Interest bearing accounts
- International corporate customers (foreign entities without US TIN)
Enhanced FDIC Insurance and the aforementioned improvements are available to Treasury Prime ledger customers upon bank approval.
ARC SEC code support
Treasury Prime now supports the Standard Entry Class (SEC) code for Accounts Receivable Entries (ARC) for incoming payments. The ARC code enables the conversion of paper checks received by mail into electronic ACH payments.
Converting paper checks into electronic payments enables businesses that process large check volumes to improve their cash flow and reduce the time and cost associated with check processing.
User-friendly transaction descriptions on statements
By popular demand, we improved the way transaction descriptions are displayed on ledger statements. Starting in February, statements will now contain transaction descriptions that include the beneficiary’s name, the financial institution’s name, and the last 4 digits of the counterparty’s account number.
Visit our Product Roadmap to see what we're currently building and check our Changelog for newly released technical improvements and feature enhancements.
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Wondering how embedded banking could help your bank? Treasury Prime is an embedded banking software platform built by bankers for bankers. Our robust banking API, governance-focused compliance, and industry-leading bank network enable banks to reach new markets, modernize customer acquisition, and drive low-cost deposits, helping them to thrive in an ever-changing economic and regulatory environment. We have launched more than 100 embedded finance programs safely and successfully. Talk to the most reputable embedded banking team in the industry.
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