Standard Treasury, the startup aiming to be the Stripe of Banking Services, is set to close its first two clients, and they are major banks, the company’s founders told Bank Innovation. The company is also deep into negotiations with around a dozen other financial institutions. The news is important because Standard Treasury is setting out to do nothing less than revolutionize banking technology — and it very well could do that. On the surface, Standard Treasury offers banks a simple menu of application programming interfaces (APIs) that allow other companies to seamlessly tap into their services. But scratch the surface on that and the APIs become portals to the very essence of what it means to be a bank — and that puts Standard Treasury in the position of usurping all banking technology. At least in theory. “This is a long vision,” said Zachary Townsend , one of the founders of Standard Treasury and a former Stripe employee. Standard is starting with a launch point similar to Stripe’s. Stripe provided APIs for payments for startup companies. Standard is similarly providing APIs to startup companies, but this time to allow them to pipe into banking services. Townsend described this as a “wrapper” [...]
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