Over 1 million Real-Time Payment Transactions at Cross River

Over 1 million Real-Time Payment Transactions at Cross River

Fintech leader’s commitment to innovation and capacity to fulfill rising demand highlighted by ranking in the top five in RTP® origination.

Cross River Bank, a provider of technology infrastructure and embedded financial solutions, declared that in just the month of May, it had processed more than 1 million real-time payments (RTP®) transactions and handled more than $500 million in RTP® traffic. This important milestone tops the bank’s prior records, demonstrating Cross River’s dedication to innovation and its capacity to satisfy the rising need for quick, safe, and effective payment solutions that place a heavy emphasis on abiding by BSA/AML regulations.

“This accomplishment”, according to Gilles Gade, CEO of Cross River, “underscores our commitment to adopting evolving technology and delivering innovative banking solutions that empower our consumers. The strength of our infrastructure and the proficiency of our team is demonstrated by our ability to seamlessly process a significant volume of real-time payments”. 

Cross River, one of the Top 5 RTP® originators, joined The Clearing House’s network early on, enabling consumers to send and receive money immediately, around-the-clock, every day of the year. The accomplishment of the Company in processing more than 1 million RTP® transactions and $500mm in volume in only one month is a tribute to its state-of-the-art technical infrastructure, strong banking skills, and dedication to providing first-rate services to its partners and their clients. Cross River has handled over 9.5 million transactions for use cases including healthcare, insurance, sports betting, wallet off-ramps, marketplace, and real estate since launching RTP® services in 2019.

Cross River has become a pioneer in the fintech sector by utilizing cutting-edge technology and deliberate alliances to offer a smooth digital banking experience. The bank’s ability to successfully manage a large volume of RTP® transactions is a reflection of its standing as a reliable financial institution that constantly satisfies the changing needs of both consumers and companies.

Cross River is positioned as a leader in the quickly changing fintech industry because to its own API-based banking core and extensive regulatory and compliance framework. The Company is essential in fostering the development of financial technology, lowering transactional friction, and advancing financial inclusion.

Cross River is dedicated to providing secure and effective financial services to its partners and end customers even as it broadens its product offerings and improves its technology capabilities, including FedNow later this year. Cross River is reshaping the financial system and bringing about significant change in how people and businesses conduct their financial transactions by concentrating on offering cutting-edge payment solutions.

Source: Businesswire

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