Third Coast Bank SSB Selects Treasury Prime as Banking-as-a-Service (BaaS) Provider
Third Coast Bancshares, Inc, the bank holding company for Third Coast Bank, SSB, today announced it has selected Treasury Prime, a leading banking-as-a-service (BaaS) company, as its strategic partner for its “future of banking” initiatives.
Through this partnership, fintechs and enterprise clients that are looking to add embedded finance services will be able to easily connect with Third Coast Bank through Treasury Prime’s BaaS platform. The partnership is scheduled to go live in the third quarter of 2022 and Third Coast has already secured multiple fintech clients.
“Third Coast, through its high-tech suite of treasury management solutions, can now provide fintech companies with a supportive and reliable bank partner,” said Bart Caraway, Third Coast’s Chairman and Chief Executive Officer. “Together, Third Coast and Treasury Prime will build a program to enable fintech and enterprise clients to more quickly and easily embed banking services, including bank accounts, payments, and cards, into their products and service offerings. We’re excited to partner with Treasury Prime to enhance our clients’ experiences.”
Phil Toscano, Third Coast’s Senior Vice President, National Sales and Liquidity Manager, said, “Embedded finance is critical when delivering personalized day-to-day solutions to clients. By partnering with Treasury Prime, Third Coast will not only remain relevant in today’s competitive banking and payments landscape, but also thrive by adding low-cost deposits and diversifying non-interest income streams.”
“Adding Third Coast Bank to our already robust banking network was an easy decision,” said Chris Dean, CEO of Treasury Prime. “Our companies have a similar DNA and outlook on what the future of banking will look like, recognizing that BaaS can dramatically reduce time to market for embedded finance while delivering new revenue opportunities for banks and enterprises alike.”