US-based software company Treasury Prime has announced its strategic partnership with Narmi aiming to allow its customers to send and receive money instantly. As per the information detailed in the press release, the collaboration between Treasury Prime and Narmi intends to enable the former’s banking customers to send and receive money instantly via the FedNow Service, while also integrating the FedNow experience into products.

Treasury Prime – Narmi collaboration objectives As part of their partnership, Treasury Prime and Narmi focus on allowing financial institutions in the former’s network to provide their fintech clients with a secure, efficient, and user-friendly platform for real-time payments, thus working towards improving their offerings and increasing revenue. Narmi’s FedNow service is set to assist the full suite of the FedNow Service offerings, including Receive, Sending to linked and external accounts, and Request for Payment (RFP). As the company acts as the financial institution’s official Service Provider for FedNow, Narmi manages the bulk of the complexity, including connecting directly to the Federal Reserve, posting transactions to the core banking system, and enabling the operations team to meet compliance and operational demands. Furthermore, representatives from Treasury Prime underlined that Narmi’s FedNow Service Provider abilities merged with the company’s Embedded Banking platform is set to develop an improved offering.

The collaboration aims to simplify the integration of FedNow for financial institution customers, enabling them to advance their real-time payment capabilities and fintech services. Additionally, according to Narmi’s officials, the two companies share a commitment to enhance how they serve the needs of small to mid-sized financial institutions. The collaboration with Treasury Prime supports Narmi’s allegiance to assist banks and provide them with new revenue streams.

Moreover, it aims to enable financial institutions to meet the increasing demand for real-time payment solutions in the modern financial landscape. The current announcement follows Treasury Prime’s recent collaboration with OMB Bank, with the latter becoming part of its bank network, which totals over 15 financial institutions across the US. The partnership was set to allow OMB Bank to work with corporations and fintechs to expand their services, connecting with more customers. Through this, the bank was able to expand its revenue opportunities and low-cost deposits, while also ensuring a unified protocol for account structures, compliance, and reconciliation across its collaborations.

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