Latest news with #SatishPalvai
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
Associated Press
04-04-2025
- Business
- Associated Press
Businesses Benefit from 24/7 Instant Payments
An Instant Payments platform allows businesses to send and receive funds within seconds at any time, 24 hours a day, 7 days a week, 365 days a year. 'Aion is excited to introduce our Instant Payments solution. We believe that all businesses should have access to a modern platform that delivers immediate results.' — Satish Palvai SAN JOSE, CA, UNITED STATES, April 4, 2025 / / -- Managing financial operations across multiple siloed systems can be time-consuming and expensive. An all-in-one solution such as Aion makes it easy to bank digitally, automate bills and invoices, and access capital* to help a business grow. Aion's commercial-grade all-in-one banking solution combines an FDIC-insured deposit account** with powerful payment operations and bookkeeping apps to streamline business finances. Features such as Instant Payments (RTP®/FedNOW®) allow businesses to send and receive funds within seconds at any time — 24 hours a day, 7 days a week, 365 days a year. This solution makes it possible for businesses to efficiently receive, manage and optimize payouts and disbursements across a wide range of payment rails such as RTP® and FedNOW®, as well as traditional methods such as ACH, Same Day ACH, and Wires. In the fast-paced digital landscape, businesses require the ability to settle payments instantly to maintain seamless operations and dependable liquidity. An Instant Payments capability ensures funds are cleared and settled within seconds, at any time of day or night. This constant access to funds empowers businesses to make prompt payments to employees and vendors, fostering stronger relationships while reducing costs. With enhanced liquidity across the payment ecosystem, businesses save on interest and fees. These savings free up capital for other uses, enabling vendors to expedite their own bill payments and improve overall financial stability. The combined result is a more robust economy with stronger business relationships, satisfied employees, and greater peace of mind for all stakeholders. Key Features of Instant Payments (RTP®/FedNOW®) ● Swift Settlement: Transactions settle within seconds, around the clock, every day of the year. ● Enhanced Cash Flow: Immediate fund availability improves both financial stability and accessibility. ● Domestic Only: Instant Payments are exclusively for transactions within the U.S. Just Date Inc. CEO Samantha Abramson says that this Instant Payments (RTP®/FedNOW®) feature has 'streamlined cash flow.' Abramson adds that the ability to pay suppliers in seconds translates to fewer disruptions and more time to focus on growing its business. Abramson calls this feature a 'game-changer' for Just Date Inc.'s operations. Use cases of Aion Instant Payments (RTP®/FedNOW®) ● Payroll: Companies and providers can enhance employee financial flexibility by remitting funds instantly to employee accounts. ● Merchant Settlement: Daily instant payments versus traditional next-day or later settlements. ● Supply Chain: Instant supplier payments to expedite product and supply shipments. ● Expense Reimbursements: Instantly settle employee and contractor expenses. ● Trucking/Freight: Faster payments for truckers through instant settlement. ● Insurance: Agents receive commissions in seconds improving relationships and revenue. 'Aion is excited to introduce our Instant Payments solution. We believe that all businesses should have access to a modern platform that delivers immediate results. At Aion, we are committed to exceeding our customers' expectations,' said Satish Palvai, Founder and CEO. Businesses can learn more about Instant Payments (RTP®/FedNOW®) today by visiting Aion business banking accounts are FDIC-insured through Cross River Bank, Member FDIC. 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. For media inquiries, please contact Christopher Basso at [email protected]. * Aion Business Loans, Aion Capital and Aion Lines of Credit are issued directly by Aion. ** 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, Wire, RTP®, or FedNOW® 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. Christopher Basso X LinkedIn Legal Disclaimer:
