Treasury Prime, the leading Banking as a Service (BaaS) company, announced today that after a competitive evaluation, Pacific Western Bank has chosen Treasury Prime as its technology provider to modernize its banking stack. Working with Treasury Prime, Pacific Western Bank will be able to offer API access to its banking systems as well as a digital platform for clients like fintech companies that want to embed banking services into their applications.
“Pacific Western Bank, through its various business lines including its Venture Banking group, provides banking solutions to leading innovative companies across the country,” said Mark Yung, Chief Operating Officer, Pacific Western Bank. “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 is a commercial bank with over $29 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The bank provides community banking products including lending and comprehensive deposit and treasury management services; national lending products including asset-based, equipment, and real estate loans and treasury management services; and venture banking products including a comprehensive suite of financial services focused on entrepreneurial and venture-backed businesses and their venture capital and private equity 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,” said Chris Dean, co-founder and CEO of Treasury Prime. “Treasury Prime has a proven track record of working with banks to automate their backend processes and the API layer that we build to accelerate and automate internal processes can also be used by fintech clients or other companies that want embedded banking services.”
With Treasury Prime, banks can:
- Operate more quickly by automating manual, time consuming, error-prone human processes.
- Improve technology without changing any systems including FIS, Fiserv, and Jack Henry.
- Continue to maintain regulatory compliance by enforcing the bank’s governance and risk models.
- Bring in new clients that can drive deposits and build non-interest income through its technology and ecosystem.