Treasury Prime and Cable have teamed to help businesses keep up with financial crime compliance.
The partnership, announced in a Wednesday (March 29) press release, lets customers of Treasury Prime’s embedded banking software platform enhance their anti-crime efforts using Cable’s compliance effectiveness testing platform.
“In a year marked by increased regulatory scrutiny as well as compliance burdens on banks and FinTechs, innovative compliance technology is more important than ever,” Treasury Prime Co-founder and CEO Chris Dean said in a news release. “Through Cable’s automated tools, we can cater to the compliance needs of enterprise clients of any size with increased confidence and efficiency.”
According to the release, the Cable platform gives banks and FinTechs “real-time assurance” about their financial crime controls, letting them know how well they are operating, and helping them demonstrate the “effectiveness of their compliance program to regulators, bank partners and other stakeholders.”
Even before the recent crisis caused by the back-to-back collapse of Signature and Silicon Valley banks, there was a need for FinTechs to get more serious about compliances, as SendFriend CEO and Co-founder David Lighton said in an interview with PYMNTS.
“It’s time for FinTechs to kind of grow up,” Lighton told PYMNTS in February. “In a post-FTX environment with higher regulatory scrutiny, we need to get really serious about compliance if we want to make it.”
Those organizations that still use manual and reactive anti-fraud tools tend to see slower growth than those using proactive and automated solutions, according to PYMNTS data. Seventy-one percent said they need additional digital fraud solutions.
“A lot of FinTechs outsource compliance to third-party vendors,” Lighton said, adding that in his opinion, this approach is similar to undergoing dialysis treatment — it’s really risky.
This Treasury Prime-Cable collaboration follows the recent debut of Treasury Prime’s OneKey Banking, which lets FinTechs and enterprises pick the best banking partner, across the more than 15 financial institutions tied to the Treasury Prime network, for a particular product or service.