Cross River, a bank that delivers advanced financial and compliance products/services to the fintech industry, announced on Tuesday it has formed a new partnership with Railsbank Technology Limited, a UK-based open banking and RegTech technology services platform, to provide Railsbank a variety of API-powered, banking and payment processing services across the U.S.
Cross River reported that through the partnership it and Railsbank to use each other’s existing platforms, allowing for seamless integration and servicing of their respective fintech customer bases across borders and regions. The partnership will also enable Railsbank’s customers in the UK and Europe the ability to enter the US through their existing integration with Railsbank. While sharing more details about the partnership, Gilles Gade, Founder, President, and CEO of Cross River, stated:
“Cross River welcomes Railsbank as one of its key international partners to help provide banking services on a global basis. This partnership enables Railsbank to better serve new and existing global customers and provide them with seamless international use of banking services, including timely, cross-border cash payments and disbursements, while also being introduced to innovative solutions.”
Nigel Verdon, Co-Founder and CEO of Railsbank, also commented:
“This is a hugely significant move for Railsbank as it is the first time that banking-as-a-service is being delivered on both sides of the Atlantic through a single API. This partnership not only demonstrates the strength of our proposition – which is being recognized on a global scale – but on an operational level, it provides our customer base with access to a huge market with all the opportunities that entails.”
The partnership with Railsbank comes just a few weeks after Cross River announced its partnership with Stripe to help those in the marketplace economy by giving them real-time access to earnings using push-to-card payments. The API-first, integrated platform aims to improve the way independent freelancers and other professionals are paid by “pushing earnings to workers in real time whenever needed and helping them better manage their day-to-day cash needs.”