Cross River Bank, a company that provides banking services for FinTechs, has partnered with payments processor and tech provider RS2 Software to provide an improved payment and digital banking experience for its customers, the companies announced.
“Cross River and RS2 understand that technology innovators demand regulated, secure payment solutions that address dynamic, ongoing changes in the marketplace,” said Cross River Senior Vice President, Public Affairs Phil Goldfeder. “In today’s global economy, payment needs are fast-evolving with merchants gravitating toward payment providers who offer broader multifaceted services in one place. We are confident that our best-in-class, compliant FinTech banking services — combined with RS2’s industry-leading processing solution — will enable workers and merchants to succeed in the partner-driven marketplace.”
The agreement means both companies will work to improve “payment processing and enable push and pull transaction capabilities.” This will allow banks and eCommerce outfits alike to get settlement funds faster than traditional waiting periods.
FinTech companies will also be able to benefit from Cross River’s regulatory compliant platform that lets companies focus on moving past legacy systems and create more efficient card processing and banking functions, which will allow for customers to get money faster.
“RS2 embraces the complex elements of payments — multiple channels, payment types, countries and currencies — and transforms them into opportunity, growth and innovation,” said Daniela Mielke, CEO of RS2 Software North America. “Cross River is an ideal, like-minded partner as they view the transformation of banking as a catalyst for offering breakthrough products and services, as well as unique payment capabilities that drive superior payments, thereby allowing businesses to optimize customer experiences and minimize the time, effort, and costs associated with managing their payment practices.”
Cross River was founded in 2008, and in December of 2018, it secured $100 million in a funding round led by KKR. RS2 builds payment solutions for upwards of 14 million merchants.