The collaboration will allow Fintainium to offer its business customers access to automated clearing house (ACH), push-to-card and check processing with positive pay fraud prevention enabled by Cross River Bank, the companies said in a Wednesday (June 21) press release.
“Their payments suite allows us the flexibility to provide comprehensive business payments solutions and offer a first-class experience to our customers,” Fintainium Chief Operating Officer Neal Harm said in the release.
Fintainium delivers FinTech solutions to small- to medium-sized businesses (SMBs), providing a platform that includes domestic and international money movement products and workflow, accounting and reconciliation automation, according to the release.
The company’s new partner, Cross River Bank, provides FinTech and technology companies with embedded payments, cards and lending solutions, the release said.
“Cross River’s expertise in providing secure, compliant and efficient payment services aligns perfectly with Fintainium’s commitment to delivering innovative financial solutions,” Cross River Head of Payments Keith Vander Leest said in the release. “Together, we will empower businesses with faster B2B payment capabilities, enabling them to streamline operations and achieve greater financial agility.”
PYMNTS research has found that merchants are rapidly replacing legacy payment systems with more modern alternatives.
On the B2B side, companies are making as few as 25% of their B2B payments by check and are investing in new accounts receivable (AR) and accounts payable (AP) systems, according to “Merchants Need Modern Payment Systems to Meet Customer Demand,” the April edition of the “B2B and Digital Payments Tracker®,” a PYMNTS and American Express collaboration.
For their dealings with consumers, businesses are enhancing their digital payment capabilities, with 65% of non-grocery retailers, 56% of convenience stores and 55% of grocery stores incorporating additional payment methods, the report said.
In some other partnerships announced by Cross River Bank, the firm has teamed up with paymints.io to provide flexible payment solutions for the real estate industry, with FinClusive to deliver financial services to underserved communities and organizations, and with United Kingdom-based Pay.com to help that firm expand its automated payment platform into the United States.
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