Latest news with #CrossRiver
Finextra
a day ago
- Business
- Finextra
Cross River signs Plaid as first customer for new Requests-for-Payments feature
Cross River Bank ('Cross River'), a technology infrastructure provider that offers embedded finance solutions, announced the launch of Request for Payment (RfP), a transformative addition to its growing suite of instant payment capabilities. 0 The capability will streamline inbound money movement and enhance funding agility across the Real-Time Payments (RTP)® network. Plaid will be the first to implement the feature, unlocking instant purchases through its bank payments platform, Plaid Transfer. A leader in instant payments and an early adopter of the RTP® network, Cross River moves over $1 billion monthly in real-time disbursements across RTP® and FedNow combined. However, while outbound payments have become instant, inbound funding has lagged — dependent on ACH and wire transfers that operate on batch processing and limited banking hours. Now, Cross River will be one of the first financial institutions to support RfP on the RTP® network, paving the way for faster and more reliable pay-in options. 'The current reality of money movement is imbalanced — payments go out in seconds, but pay-ins often take a day or more,' said Adam Goller, EVP and Head of Fintech Banking at Cross River. 'RfP is a smarter, more flexible way to receive incoming funds. It gives our partners greater control over timing, real-time visibility into each transaction, and reduces the need for overfunding or constant balance monitoring — all while delivering a better experience for the end user.' RfP allows businesses to send a secure, digital request for payment — enabling payers to authorize and send funds instantly with greater control, a significant step forward in streamlining the payment experience and reducing friction in how money moves. With RfP, businesses will be able to instantly fund digital wallets and accounts, reduce operational friction from delayed deposits, and improve customer experience with smooth, real-time pay-in options. Plaid, the first to implement RfP functionality with Cross River, will enable real-time pay-ins for Carvana customers. This integration allows car buyers to complete purchases instantly and seamlessly — eliminating the friction typically caused by traditional bank transfers. 'Instant payment rails unlock huge value for businesses and end customers by reducing friction, accelerating funding, and boosting conversion,' said Brian Dammeir, Global Head of Payments and Financial Management at Plaid. 'Through our partnership with Cross River, Plaid Transfer now offers instant pay-ins, instant payouts and Same Day ACH, as part of a full solution with best-in-class account linking and optimized conversion, so customers can tailor bank payments across their business.' Built on Cross River's proprietary API-based banking core infrastructure, COS, the RfP solution was developed with security, transparency, and compliance at its core. Each RfP is presented to the recipient by the receiving financial institution for explicit authorization, ensuring full control over every transaction. This adds a critical layer of security and trust, while improving the user experience on both ends of the exchange. Cross River is continuing its mission to modernize financial services and provide real-time tools that reflect the pace of today's economy. This new capability reflects Cross River's commitment to building a more inclusive and modern financial system — where speed and safety go hand in hand.
Business Wire
a day ago
- Business
- Business Wire
Cross River Launches Request for Payment (RfP) to Power Smarter, Real-Time Money Movement
FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank ('Cross River'), a technology infrastructure provider that offers embedded finance solutions, announced the launch of Request for Payment (RfP), a transformative addition to its growing suite of instant payment capabilities. The capability will streamline inbound money movement and enhance funding agility across the Real-Time Payments (RTP) ® network. Plaid will be the first to implement the feature, unlocking instant purchases through its bank payments platform, Plaid Transfer. A leader in instant payments and an early adopter of the RTP ® network, Cross River moves over $1 billion monthly in real-time disbursements across RTP ® and FedNow combined. However, while outbound payments have become instant, inbound funding has lagged — dependent on ACH and wire transfers that operate on batch processing and limited banking hours. Now, Cross River will be one of the first financial institutions to support RfP on the RTP ® network, paving the way for faster and more reliable pay-in options. 'The current reality of money movement is imbalanced — payments go out in seconds, but pay-ins often take a day or more,' said Adam Goller, EVP and Head of Fintech Banking at Cross River. 'RfP is a smarter, more flexible way to receive incoming funds. It gives our partners greater control over timing, real-time visibility into each transaction, and reduces the need for overfunding or constant balance monitoring — all while delivering a better experience for the end user.' RfP allows businesses to send a secure, digital request for payment — enabling payers to authorize and send funds instantly with greater control, a significant step forward in streamlining the payment experience and reducing friction in how money moves. With RfP, businesses will be able to instantly fund digital wallets and accounts, reduce operational friction from delayed deposits, and improve customer experience with smooth, real-time pay-in options. Plaid, the first to implement RfP functionality with Cross River, will enable real-time pay-ins for Carvana customers. This integration allows car buyers to complete purchases instantly and seamlessly — eliminating the friction typically caused by traditional bank transfers. 'Instant payment rails unlock huge value for businesses and end customers by reducing friction, accelerating funding, and boosting conversion,' said Brian Dammeir, Global Head of Payments and Financial Management at Plaid. 'Through our partnership with Cross River, Plaid Transfer now offers instant pay-ins, instant payouts and Same Day ACH, as part of a full solution with best-in-class account linking and optimized conversion, so customers can tailor bank payments across their business.' Built on Cross River's proprietary API-based banking core infrastructure, COS, the RfP solution was developed with security, transparency, and compliance at its core. Each RfP is presented to the recipient by the receiving financial institution for explicit authorization, ensuring full control over every transaction. This adds a critical layer of security and trust, while improving the user experience on both ends of the exchange. Cross River is continuing its mission to modernize financial services and provide real-time tools that reflect the pace of today's economy. This new capability reflects Cross River's commitment to building a more inclusive and modern financial system — where speed and safety go hand in hand. About Cross River Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending, and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world's most essential fintech and technology companies. Leading the industry, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at
Zawya
22-05-2025
- Business
- Zawya
Nigeria: Gov Otu seeks stronger ties with Customs to boost economy, security
Cross River State Governor, Senator Bassey Edet Otu, has called for enhanced collaboration between the state and the Nigeria Customs Service (NCS) to drive economic growth and strengthen security. In a statement issued on 22 May, Chief Press Secretary to the Governor, Nsa Gill, reported that Governor Otu made this appeal during a courtesy visit to the Comptroller-General of Customs, Bashir Adewale Adeniyi, at the NCS headquarters in Abuja on Wednesday. He commended the Service for its pivotal role in revenue generation and national security, citing its record ₦6.1 trillion revenue collection in 2024, with Cross River State contributing approximately ₦200 billion. The Governor praised the professionalism of Customs officers in the state, particularly those stationed at the Mfum and Ikang borders with Cameroon, and revealed that the state government had recently donated operational vehicles to the Cross River Command to enhance border surveillance. Key areas of discussion included export promotion, the revitalisation of the Calabar Free Trade Zone and Tinapa Business Resort, and support for over 50,000 Internally Displaced Persons (IDPs) in the state. Governor Otu emphasised Cross River's plans to boost exports and sought Customs' support in streamlining export processes for local businesses. He also highlighted ongoing projects such as the Bakassi Deep Sea Port and urged the NCS to increase its presence in the state's economic zones, particularly Tinapa and the Calabar Free Trade Zone, to stimulate economic activity. In response, the Comptroller-General reaffirmed the Service's commitment to trade facilitation, citing initiatives such as the Authorised Economic Operator (AEO) programme and the Advanced Ruling System, which have improved Nigeria's trade environment. He pledged full support for Cross River's economic agenda, including the revival of Tinapa and the development of the Bakassi Deep Sea Port. The meeting concluded with both leaders expressing optimism that the strengthened partnership would enhance economic development, security, and revenue generation in Cross River State and Nigeria at large. Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
Associated Press
30-04-2025
- Business
- Associated Press
Cross River Expands Borderless Finance with Launch of International Payments Powered by Smart-Routing
FORT LEE, N.J.--(BUSINESS WIRE)--Apr 30, 2025-- Cross River Bank ('Cross River'), a technology infrastructure provider that offers embedded financial solutions, today announced the launch of its new International Payments solution, now processing transactions with Aion, a modern business finance platform designed to simplify financial management. Leveraging Cross River's proprietary banking core, API technology, and industry-leading compliance and AML/CFT integrations, this new International Payments solution offers seamless, efficient, and cost-effective cross-border transactions for businesses. With the demand for cross-border payments increasing, and the market forecasted to reach $320tn by 2032, the need for efficient and secure international payment systems is increasingly important. Cross River's International Payments platform is rail-agnostic, dynamically selecting the most relevant payment rails based on transaction size, currency, and corridor. This ensures businesses and consumers benefit from faster processing times so consumers receive their money when and where they need it. 'Our goal is to simplify cross-border payments by removing technical barriers that limit global scalability,' said Luca Cosentino, Head of Product at Cross River. 'Our International Payments capability uses a flexible, rail-agnostic approach to enable fast, cost-effective, and secure transfers—whether through SWIFT or local bank rails. This milestone not only marks a significant advancement in our infrastructure but also sets the stage for future real-time global payment solutions that help our partners deliver seamless international experiences.' Cross River's solution offers businesses a range of payment pathways—from SWIFT for secure, standardized cross-border transactions to local bank rails optimized for domestic B2B and B2C transfers. The capability initially enables cross-border payments for fintechs and SMBs, B2B and B2C transfers, funding operating accounts and subsidiary payments back to parent companies. An early adopter of Cross River's International Payments is Aion, a modern business finance platform designed to simplify financial management. Cross River and Aion have previously partnered to enable instant payments domestically via RTP ® and FedNow ®, as well as traditional methods such as ACH, same-day ACH and Wires. Cross River also provides business banking accounts through Aion, including a High-Yield Business Account *. Aion's commercial-grade all-in-one banking solution helps streamline business payments, now internationally with Cross River's solution. 'SMBs are the backbone of the global economy, yet they've long faced high costs and delays when paying international suppliers or remote teams,' said Satish Palvai, Founder and CEO at Aion. With Cross River's International Payments, we're leveling the playing field by giving growing businesses access to the same speed and efficiency once reserved only for large enterprises.' With strict adherence to regulatory standards, Cross River's International Payments platform integrates advanced anti-money laundering (AML) tools and compliance solutions. Fully routable subledgers and detailed customer records allow businesses to monitor transactions on a sub-entity level, ensuring security and reliability. This launch marks just the beginning of the Bank's commitment to powering borderless finance. Cross River will continue to invest in expanding supported use cases, countries, and currencies—enhancing the infrastructure to meet the evolving needs of fintech partners and enabling more businesses and consumers to move money globally with speed, security, and confidence. About Cross River Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world's most essential fintech and technology companies. Leading the industry, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at About Aion Aion is a modern business finance platform, designed to simplify financial management. The company's mission is to enable business owners and finance professionals to focus on building and growing their businesses, while AI-powered software handles the rest. The Aion's platform is founded on the principles of customer-centric exceptional design, simplicity, and transparency. Find out more at For press inquiries, please contact Christopher Basso at [email protected]. *Aion is a financial technology company, not a bank. Banking Services provided by Cross River Bank, Member FDIC. Aion accounts are FDIC insured up to $250,000 per depositor through Cross River Bank, Member FDIC. Banking Services for payments made via ACH or wire from the Aion Business Checking Account are provided by Cross River Bank, Member FDIC. The Aion Business Debit Visa® is issued by Cross River Bank, Member FDIC pursuant to a license from Visa, Inc., and may be used everywhere Visa is accepted. View source version on CONTACT: Media Contact: Mackenzie DeLuca [email protected] 201-808-7000 x 778 KEYWORD: UNITED STATES NORTH AMERICA NEW JERSEY INDUSTRY KEYWORD: SOFTWARE PAYMENTS FINANCE ARTIFICIAL INTELLIGENCE BANKING PROFESSIONAL SERVICES TECHNOLOGY FINTECH SOURCE: Cross River Bank Copyright Business Wire 2025. PUB: 04/30/2025 08:30 AM/DISC: 04/30/2025 08:29 AM
