Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, today announced that it has expanded its capabilities in push to card transactions over the debit card networks internationally, with digital remittance company Remitly among the first to use the services.
“Cross River’s expansion into the international arena with our enhanced technology and leading payments capabilities will fundamentally change cross-border transactions, allowing consumers to receive funds across the globe,” said Gilles Gade, Founder, President, and CEO of Cross River. “With the current shift to online transactions, and limiting of human-to-human touch, today, more than ever, having a secure and reliable way of sending and receiving money is an integral part of daily life.”
With Cross River as the settlement bank for push to card transactions, Remitly’s customers can receive disbursements in near real-time over the international debit card rails, through an efficient and secure platform. Remitly, a global remittance company that has served more than 2 million customers through its proprietary global money transfer network, is among the first partners using Cross River’s push to card capabilities for international disbursements.
“The need for remittances has never been greater for our customers, and we are committed to providing a service that is unparalleled in security and convenience,” said Matt Oppenheimer, CEO and Co-Founder of Remitly. “At the heart of what we do are the millions of immigrants around the globe to whom remittances are essential for supporting and staying connected with their loved ones. Our partnership with Cross River is the next step in providing them a faster, more transparent way to transfer money.”
Cross River’s API-driven technology and banking solutions are both customized and streamlined, giving partners the flexibility to manage costs, efficiency and latency as it relates to their operations. In turn, partners can better integrate payments into their own environments for more rapid innovation and better experiences for the end consumer. Cross River partners with payment providers to offer ACH, wire transfer, debit card disbursement, money transfer, back-office support and compliance framework solutions. While Cross River has already been empowering next-generation companies in the payment processing space, with these increased offerings, the Company is expediting and enabling the secure sending of money around the world.
About Cross River
Cross River Bank is a fast-growing financial services organization that merges the established expertise and traditional services of a bank with the forward-thinking offerings of a technology company. Cross River combines a comprehensive suite of products into a unique banking-as-a-platform solution, encompassing lending, payments and risk management. Cross River partners with leading marketplace lenders and technology companies enabling them to focus on their own growth without hindering innovation, while maintaining a strong focus on compliance. In December 2018, Cross River secured $100 million in a funding round led by KKR. This was on top of the $28 million VC funding round in 2016 from Battery Ventures, Andreessen Horowitz, and Ribbit Capital. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or on Twitter @crossriverbank.
Founded initially to disrupt the nearly $600 billion global remittance industry, Remitly is now transforming the lives of millions of immigrants and their families with the most trusted financial services products in the world. The largest independent digital remittance company in North America, Remitly makes international money transfers faster, easier, more transparent and more affordable through its global network. Remitly’s reliable and easy-to-use mobile app eliminates the long wait times, complexities and fees typical of traditional remittance processes, returning millions of dollars in savings and spending power to immigrants every year. Remitly is also expanding its portfolio to include additional critical financial services for immigrants. The company’s Passbook offering is a modern banking solution that eliminates fees and other common barriers to creating a bank account, and introduces new cross-border money transfer benefits. Established in 2011 and headquartered in Seattle, Remitly is backed by more than a dozen industry-leading investors, including Generation Investment Management, Naspers PayU and Bezos Expeditions. The company operates from numerous offices around the world, in cities including London, Kraków, Manila and Managua. For more information, visit Remitly.com.