Money movement automation platform Astra is teaming up with core infrastructure financial services firm Cross River Bank, to give FinTech developers the ability to use debit card payment rails to fund accounts and facilitate deposits.
Astra’s first card-to-card instant payment API gives FinTech developers the ability to easily embed card-to-card transfers into their own application without the need for any additional infrastructure, according to a press release on Thursday (Dec. 16).
See also: Payment Approved, Cross River Bank Partner on Better Payment Options
The new functionalities are part of the strategic partnership between Cross River Bank and Astra, both collaborating to ensure that the critical infrastructure in place will drive the facilitation of funding accounts and making deposits via debit card rails.
“Astra’s new instant payment API gives fintech developers the ability to easily embed card-to-card transfers into their own application, for the first time without the need for any additional infrastructure. The funds are instantly applied to the destination card,” said Gil Akos, CEO of Astra, Inc.
“Never before have developers been able to leverage card payment rails like Visa to instantly transfer cash between debit cards,” he added.
Read more: Cross River Buys SaaS Provider Betterfin, Advances API-Based Platform
The new solution leverages the FinTech advantage of having a choice between several payment options when processing account-to-account (A2A) transactions via ACH or traditional card processing services.
The new solution also enables developers to automatically process a transaction from one debit card to another, without the need for settlement accounts or developing reconciliation operations.
Astra’s secure API integration is also PCI compliant by default and ensures developers will have limited liability for sensitive card data, according to the release.
“Astra chose to partner with Cross River to develop this innovative solution and with our new product, we can leverage the experience of Cross River and combine it with our work in risk mitigation and automation to make fast transfers on the debit network more streamlined and efficient than ever before,” said Sam Morgan, COO of Astra, Inc.
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