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Treasury Prime, ComplyCo team up for compliance

Tuesday, October 08, 2024 — 12:46:28 (EDT)

Treasury Prime Teams Up with ComplyCo to Help Banks Navigate Complex Regulatory Environment New integration automates validation of compliance with financial rules and regulations

October 08, 2024 09:00 AM Eastern Daylight Time

SAN FRANCISCO--(BUSINESS WIRE)--Treasury Prime, a leading embedded banking software company, announced a new integration with ComplyCo to address the increasing trend of regulatory scrutiny in financial services. The integration will enable banks to improve their oversight capabilities and will support fintechs in scaling their operations responsibly, reinforcing the overall integrity of the financial ecosystem.

“The burden of proof to demonstrate proper oversight and validate compliant environments is at unprecedented levels” Post this

“The burden of proof to demonstrate proper oversight and validate compliant environments is at unprecedented levels,” said Kyle Costello, Head of Partnerships at Treasury Prime. “We’re thrilled to partner with ComplyCo on a pioneering solution that will help banks and fintechs move from reactive compliance to a proactive, integrated approach. In most scenarios banks are still using manual processes to prove adherence to rules and regulations, so this integration will be a game changer to not only keep up with but stay ahead of regulatory changes and challenges.”

The Treasury Prime and ComplyCo integration enables the activity generated on Treasury Prime’s platform to feed directly into ComplyCo’s automated monitoring and analysis of compliance rules that affect each account on the platform. Compliance teams and other non-technical functions are often left behind when it comes to instant access to relevant information and this will allow ComplyCo's rule engine to use real-time activity data in Treasury Prime to validate compliance with applicable rules and regulations. This collaboration is especially relevant and in support of recent rulemaking activism we have seen on the part of the FDIC and other regulatory agencies, advancing responsible innovation that allows banks to grow digitally while maintaining its safety and soundness obligations.

“Partnering with Treasury Prime marks a significant milestone in ComplyCo’s journey to bring observability to compliance and beyond, and their direct integration approach aligns perfectly with our goals,” said Dmitry Gritskevich, CEO of ComplyCo. “This solution is not just about helping banks and fintechs keep pace with regulations—it's about setting a new standard that promotes transparency, efficiency, and trust. Fintechs will be able to monitor their environment for regulatory breaches and remediate proactively, while banks get real-time access to information which streamlines and scales their oversight efforts.”

Learn more about how Treasury Prime and ComplyCo are at the forefront of improving the financial industry’s compliance infrastructure. For more information about Treasury Prime, visit www.treasuryprime.com.

About Treasury Prime

Treasury Prime is building the future of finance. Through its cutting-edge embedded banking software, Treasury Prime facilitates seamless connections between banks and enterprise partners, equipping them with everything they need to launch innovative financial products with a strong commitment to responsible practices. Beyond its core banking offerings, which encompass accounts and payment infrastructure, Treasury Prime also provides a robust partner marketplace. This marketplace offers a wide range of auxiliary services tailored to meet the diverse needs of bank-fintech partnerships. Treasury Prime was named Best Banking-as-a-Service Platform in the Tearsheet Embedded Awards 2021 and 2022, and was named to CB Insights' annual 2021 Fintech 250 list.

About ComplyCo

ComplyCo is founded on the belief that simply having a policy in place is no longer sufficient. Compliance issues often stem from a lack of access to timely, relevant runtime data. That’s why we are building tools that provide non-technical teams with real-time visibility. We believe that rich data and analysis are essential for compliance teams to operate effectively and efficiently today, as well as adapt to regulatory changes in the future.

Contacts

Walker Sands on behalf of Treasury Prime treasury-prime-pr@walkersands.com

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Source: Company press release.