Cross River Bank, a leading innovator and provider of banking services for technology companies, will enhance its real-time payments capabilities for its partners through its application to join the RTP network.
With the RTP network, Cross River will provide the ability for its fintech and commercial banking clients to seamlessly send, clear, and settle payments instantaneously with advanced messaging capabilities, while maintaining a strong focus on compliance.
“Since inception, Cross River has been an early adopter of new technology to provide our partners with the latest, most innovative technology tools to align with their needs,” said Gilles Gade, Founder, President, and CEO of Cross River. “As one of the first community banks to join the existing banks on The Clearing House’s RTP network, and as a leading technology company, Cross River is delivering cutting-edge technology and enhanced functionality to our partners.
Cross River is one of the first community banks to join major financial institutions already live on the RTP network. In a unique approach as a growing, technology-driven bank, Cross River intends to offer this access to a much wider audience through its fintech partnerships. The RTP network is the first new core payments infrastructure built in the U.S. in more than 40 years. The network is the first to deliver 24/7 clearing and interbank settlement, including the real-time movement of money and enriched data between participating financial institutions. The RTP network offers a suite of available use cases and extensive level of data accompanying each RTP transaction. The RTP network currently reaches more than 50% of U.S. accounts for real-time payment receipt and adoption is increasing.
Cross River has built a sophisticated “plumbing” system on top of the traditional payment rails, simplifying the fintech ecosystem for the consumer. Cross River enhances its clients’ money-movement by enabling third parties with access to the core payment rails, further increasing its Banking-as-a-Service (BaaS) offerings and meeting client demands. Through its proprietary, API-based core, Cross River can seamlessly and efficiently integrate into the RTP network.
“The Clearing House is excited to partner with Cross River and to work with them to bring real-time payments to their customers,” said Steve Ledford, Senior Vice President of Product Strategy and Development, The Clearing House. “The RTP network is designed to be implemented by all depository institutions, allowing great banks like Cross River to provide new levels of speed and efficiency in transactions that will significantly benefit their customers.”