Priority Debuts Enhancements to Its Banking and Treasury Passport

Priority has introduced enhancements to the Passport product within its banking and treasury solutions platform.

Among the changes announced by the unified commerce company Monday (Sept. 23) is an offering called Cash Builder, an FDIC-insured savings account that lets customers passively earn money on idle funds.

“Passport Cash Builder also integrates our advanced embedded yield API, which allows customers to invest in a variety of professionally managed options including money market, Treasury-backed securities, and short term investments,” the company said in a news release.

“For those seeking even higher yields with high liquidity, Cash Builder+ accounts provide excellent rates for qualified deposits.”

The company has also introduced consumer accounts, a Passport account that lets them receive funds (including direct deposits), pay bills, access ATMs and integrate with Apple, Google and Samsung wallets.

These accounts are available through employers and other organizations that have a relationship with Priority. The accounts allow money to be moved quickly and seamlessly between the organization and its individual constituents.

“Nothing rivals Passport’s simple integration, ease of use and functionality,” said Priority CEO Tom Priore. “With every enhancement, we’re perfecting the value of this powerful tool for businesses of all sizes.”

PYMNTS spoke last month with Albert Acevedo, senior vice president of treasury services at Priority, about the way the integration of banking and payments are transforming business operations.

“Customers are looking for financial operations that work in concert with their business needs, combining the latest technology with legacy systems in a way that’s both seamless and secure,” Acevedo told PYMNTS.

The notion of integrated payments is not just reshaping how businesses operate, that report added, but also a new paradigm to introduce efficiencies, improve security and drive strategic decision-making.

The ability to integrate and use data across business functions is a game-changer in today’s data-rich landscape, that report added.

For finance chiefs and treasurers, real-time access to financial data can be critical for making informed decisions and strategic planning. Acevedo underlined the importance of integrating data within a native platform such as his company’s Passport solution.

“With integrated data, you have real-time information at your fingertips,” Acevedo said. “This means you don’t have to wait for batch processes or worry about delays. It’s all about turning that data into something useful — whether that’s real-time reporting on deposit usability or managing investments on an intraday basis.”