Cross River, a company that provides banking services for technology companies, will join The Clearing House’s (TCH) RTP network, according to a release.
By joining the network, Cross River will be able to give its clients the ability to send, settle and clear payments instantly, along with messaging capabilities, while ensuring compliance.
“Since inception, Cross River has been an early adopter of new technology to provide our partners with the latest, most innovative tools to align with their needs,” said Gilles Gade, founder, president and CEO of Cross River. “As one of the first community banks to join the existing banks on The Clearing House’s RTP network, and as a leading technology company, Cross River is delivering cutting-edge products and enhanced functionality to our partners.”
Aiming to simplify the FinTech ecosphere for its clients, Cross River has built a “plumbing” system on top of traditional payment systems. The company has enhanced its Banking-as-a-service (BaaS) products by allowing third parties to have access to payment rails.
“The Clearing House is excited to partner with Cross River and to work with them to bring real-time payments to their customers,” said Steve Ledford, senior vice president of product strategy and development at The Clearing House. “The RTP network is designed to be implemented by all depository institutions, allowing great banks like Cross River to provide new levels of speed and efficiency in transactions that will significantly benefit their customers.”
Another institution, Avidia Bank, is also embracing real-time payments in collaboration with FinTechs.
In a press release, Avidia said it will soon onboard to real-time payments via The Clearing House, adding to its existing faster payment support that enables P2P and C2B push payments via payment cards. Offering real-time payments as well as a range of APIs will enable Avidia to expand its offering to FinTechs that want to integrate faster payment capabilities into their own solutions. The APIs, in particular, enable FinTechs to customize financial services offerings to their corporate partners, the bank said.