With Treasure, earn up to 90x higher yield than your business bank account. Technical briefing is by Ben Verscheure and Matt Clower.
Overview of Briefing
Introduction of TreasureFi by Ben Verscheure.
Ben shares the two products that TreasureFi has: Treasure Cash and Treasure High Yield.
Treasure Cash allows customers to put money on the market with ZERO market risk, FDIC insured for up to $2.5 million, and with a 0.50% interest, typical of most US based bank accounts.
Treasure High Yield is a low-risk corporate bond mutual fund, SIPC insured, and a yield of 3.25%.
Ben explains where the customers money goes and how it is distributed. APEX, the custodian, spreads the customer funds across ten different banks to maximize the FDIC insurance for each customer, mostly going to the Bank of Montreal.
Ben then moves into the demo of Treasure. He will be doing a Figma demo due to time restraints.
Ben takes us through the set-up process and how Treasure accounts are created.
During the set-up process, Treasure collects KYC data, which includes information about the customer, their business, owners and officers are all collected to create an account. The customer can also select what their allocation will be on their account.
After this is complete, all the information is sent to a third-party KYC vendor for it to be sent to the custodian. It typically takes 24 hours for an account to be opened.
Ben then shows us the Treasure Dashboard and what the customer sees once their account is being processed.
Customers can connect bank accounts via Plaid and can host all their business accounts on Treasure.
After the account is created, the customer can move money from their business accounts to their Treasure reserve account.
Ben shows us how easy it is to transfer between bank accounts and Treasure using Plaid, for up to $500,000, and presents an example of $40,000 being transferred.
After the funds are transferred, Ben shows us how the customer can see where their funds are placed to achieve the highest Yield.
For the example of $40,000, $30,000 is seen as Treasure Cash and the other $10,000 is seen as securities.
Ben then shows us how more than $500,000 can be transferred. For this, wires are used for security reasons.
He also shows us how simple it is to move money back to the customers bank accounts. This process takes one day to accomplish.
Lastly, Ben shows us that Treasure can provide insight into the customers’ connected business accounts. We see all the available flows and trends that Treasure puts together based on the customers bank data.
Treasure also gives the ability for the CFO of a company to monitor finances in real time.