Earthport (AIM: EPO), the leading payment network for cross-border transactions, is pleased to announce its partnership with Cross River, a US-based bank, to provide inbound cross-border payment services across the US market, adding to its existing capabilities to process payments in the US.
Founded in 2008, Cross River is a New Jersey State Chartered FDIC-insured bank. The bank combines technology and innovation with a commitment to industry best practices in regulatory compliance and service to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas.
The partnership will facilitate the execution of inbound ACH payments through Cross River, and further strengthen Earthport’s global payment network, enabling high volumes of low-value payments originating outside the US to be serviced more efficiently. The new partnership also aligns with Cross River’s commitment to innovation and greater market efficiency.
Earthport has a payment network of over 65 countries and enables transactions for the world's largest financial institutions, money transfer organisations and ecommerce businesses. Through a single relationship with Earthport, clients seamlessly manage payments to almost any bank account in the world, resulting in significant cost reductions and operational efficiency.
Gilles Gade, CEO of Cross River, said: “Earthport’s extensive payment network, along with its commitment to compliance, made the company a natural partner for Cross River. I’m looking forward to working with an innovator and payment visionary like Hank Uberoi, who has built a world-class service provider that is disrupting the global money transfer industry.”
Hank Uberoi, CEO of Earthport, commented: “We are delighted to be working with Cross River to execute payments across the US market. We view this as an exciting partnership with a company that embraces innovation, new technologies and market efficiencies. We are confident that we will be able to further develop and expand this relationship as demand for cross-border payments increases across the US marketplace.”