Treasury Prime has released Prime Cash, a new product that is built on the Green Dot Network and allows fintech firms to grant their customers a means of depositing cash at over 90,000 retail points, among which are Walmart CVS Walgreens, and 7-Eleven, across the United States. The system tackles a major issue of digital financial services providers since a large number of consumers continue to use cash as their main payment method despite the increasing popularity of ACH transfers, cards, and digital banking rails. By using Prime Cash, consumers can create a secure, temporary barcode within a fintech app and then show it to the cashier at a participating retailer to make a cash deposit directly to their accounts with the money amount being usually available within a few minutes.
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Treasury Prime remarked that the offering is aimed at facilitating the delivery of cash services via a single API while handling network regulations and compliance workflows on fintech customers’ behalf. “Financial access shouldn’t depend on whether a customer uses cash or digital rails,” said Chris Dean, CEO of Treasury Prime. “With Prime Cash, fintechs can meet customers where they are, unlocking new growth opportunities while expanding access to essential financial services.” The company believes the solution will help fintechs better serve underbanked and cash-reliant consumers while improving account funding experiences and customer engagement.
