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U.S.-Based Banking as a Service Company Treasury Prime Secures $20 Million Through Series B Insider Funding Round Co-Led By Deciens Capital & QED Investors
Treasury Prime, a U.S.-based API banking platform, announced on Wednesday it secured $20 million through its
Series B insider funding round, which was co-led by Deciens Capital and QED Investors, with participation from SaaStr Fund, and Susa Ventures.
As previously reported, Treasury Prime states it builds APIs that allow both banks and their corporate customers to automate their banking operations. The company noted its plan is to modernize the entire banking tech stack and bring the banking industry into the 21st century. It also wants to make it easier than ever before for fintechs to partner with a bank to support their innovative new products and back-office automation.
Year-end pressure hits fund transfers via IMPS, UPI in millions
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Synopsis
Bank systems were clogged due to year-end system maintenance. Transactions were delayed for more than 24 hours, which otherwise would have been possible in a few seconds. Customers of top banks with large retail interfaces are said to have suffered the most.
On April 1, IMPS and UPI are estimated to have reported about 9.7 and 76 million transactions. The very next day, those numbers inched up to 10.8 million and 90 million. In those two days, volumes were broadly 5-15 percent lower than then an average usual day.
Several customers could not transfer funds instantly in the first two days of the new financial year as the core banking systems at some banks failed to process IMPS (Immediate Payment Service) or UPI (Unified Payment Interface) transactions.
Saccos need revamp of banking systems
Thursday December 24 2020
Summary
It is critical to note that there are many industries that have for the longest time continued to use specific solutions to manage their operations out of convenience.
The sacco ecosystem in Kenya is one such industry.
It is obvious that for decades they have been central not only to individual development but also community progress.
Because of low interest, and the fact that it is being managed by its members, the sector has played a critical role in the country’s financial sector.
This digital age has welcomed a myriad of technological inventions that have aided operations and enhanced processes in many sectors across the production value chain.