Prime Trust, the leading B2B financial infrastructure platform and custody and settlement of alternative assets, announced today the launch of PrimeCore – a proprietary core accounting and customer asset management platform that empowers banks, trust companies and fintech businesses with a range of services spanning custody, payment processing, BSA compliance, asset liquidity and transaction settlement.
PrimeCore operates as a secure, cloud-based SaaS that is accessible entirely via Application Programming Interfaces (API’s). From banks to securities exchanges. real estate, crowdfunding and crypto exchanges looking to add custody of fractionalized assets, including cryptocurrency, real estate and securities to 18 decimal places, the platform effortlessly scales to meet demand and provide a custom backend experience.
“We’re seeing tremendous interest from banks and fintech innovators looking to get into the crypto space but they hit a roadblock once they realize that their legacy core systems like FIS, Fiserv and Jack Henry are not built to handle the precision requirments of fractional or digital assets. As a result, they experience massive amounts of drift and operational nightmares,” said Scott Purcell, CEO of Prime Trust. “PrimeCore is purpose-built to support these assets and allows B2B customers the ability to integrate into their systems via API’s. It’s a one-stop shop that solves the pain points institutions are experiencing in trying to launch next-generation services. “
Prime Trust’s new core accounting and management system has proven even more meaningful following the Office of the Comptroller of the Currency’s (OCC) recent green light to banks to provide cryptocurrency custody services for customers. As the financial markets continue to move towards digital services and the cryptocurrency adoption rates accelerate, banks and other service providers recognize that they need to leverage new technology in innovative ways to meet consumer demand and PrimeCore delivers on that promise.
“The fintech landscape has changed dramatically over the last few years with the emergence of mobile neobanking apps, blockchain based assets, and increased consumptions of tech-driven financial products. We’re seeing a strong need in the market from retail consumers to make peer-to-peer payments, invest in crypto and fractional shares, as well as get debit cards tied to these app balances so they can spend them anywhere,” said Kevin Lehtiniitty, CPO of Prime Trust. “PrimeCore is the only financial infrastructure product that’s built to support all these asset types, transactions, and compliance needs in one easy to integrate API package. We expect many new fintech platforms as well as giants looking to innovate and offer additional new features and services to leverage PrimeCore to get to market faster.”