Pacific Western Bank has selected Treasury Prime to modernize its banking technology. The financial institution (FI) will be able to provide application programming interface (API) access to its banking infrastructure in addition to an online platform for firms that wish to embed banking services into their applications by working with the Banking-as-a-Service (BaaS) firm, according to a Thursday (Feb. 4) announcement.
“As we embark on our own digital innovation journey, Treasury Prime impressed us with their technology as well as their deep knowledge of banking systems and processes. We’re excited to partner with Treasury Prime to enhance our digital channels, and more importantly, to improve our client’s experience,” Pacific Western Bank Chief Operating Officer Mark Yung said in the announcement.
Pacific Western Bank is a commercial bank with more than $29 billion in assets. The bank, which is based in Los Angeles, California and has Denver, Colorado executive offices, provides national lending and community banking offerings. It also offers venture banking products, with the inclusion of a deep collection of financial services geared toward companies and their investors.
“Treasury Prime works with the most innovative, forward-looking banks and we’re proud to have been chosen by Pacific Western Bank to help them build their API strategy,” Treasury Prime Co-Founder and CEO Chris Dean said in the announcement, noting that the company has experience working with banks to digitize their backend workflows and that the API layer it develops can be harnessed by FinTechs or other firms that desire embedded banking offerings.
With Treasury Prime, banks can run faster by digitizing manual human workflows that take time and are prone to mistakes, while they can also keep their regulatory compliance by upholding their governance and risk models, per the announcement. Banks can also bolster their infrastructure without changing systems such as Jack Henry, Fiserv and FIS with Treasury Prime. They can also attract new customers that can fuel deposits and develop non-interest income.