Radius Bank in Boston has lined up its next fintech project.
The $1.2 billion-asset online bank is working with a Treasury Prime, a San Francisco startup, to create a business checking account. The Tailored Checking Account will allow business owners around the country to quickly open accounts online.
“We are thrilled to partner with an innovative and forward-thinking fintech organization like Treasury Prime to bring this long-needed product offering to small-business owners,” said Mike Butler, Radius' president and CEO. “By offering a user-friendly digital solution, we aim to make it really easy for our clients to handle their banking thus freeing up time for them to focus on what matters most — successfully managing their business.”
The checking account features a competitive interest rate and the ability to view account activity, deposit checks and pay bills through Radius’ mobile app.
Butler recently told American Banker that Treasury Prime approached his bank in December with an unclear business idea. Instead of turning the startup away, the companies worked together to create an online account opening tool for small businesses.
“They trusted us that we are a company that has credentials and knows how to work with tech companies in an agile environment,” Butler said.
Treasury Prime is one of several fintech firms Radius has worked with in recent years. The bank announced a partnership with Mantl earlier this year to reduce the time it takes to open an account online.
“Today’s businesses expect their bank to provide fast, easy-to-use online services, just like any other internet company. But banking technology has lagged far behind, making it impossible for banks to keep up,” said Chris Dean, Treasury Prime's CEO. “Business owners don’t have time to waste filling out paper forms at a traditional bank. This is banking for the internet era.”