Cross River Bank, a banking services provider catering to fintechs, has joined forces with payments processor and technology firm RS2 Software to offer seamless digital banking.
The two parties will collaborate to support payment processing as well as push and pull transaction capabilities.
The aim is to facilitate faster funds settlement.
The service can be availed by both offline and online merchants.
Moreover, the alliance will enable fintechs leverage Cross River’s regulatory compliant platform that is said to support creation of efficient card processing and banking capabilities.
RS2 Software North America CEO Daniela Mielke said: “RS2 embraces the complex elements of payments – multiple channels, payment types, countries and currencies – and transforms them into opportunity, growth, and innovation.
“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 optimise customer experiences and minimise the time, effort, and costs associated with managing their payment practices.”
At the end of last year, Cross River Bank secured investment of around $100m in a funding round led by private equity firm KKR.
CreditEase, Lion Tree Partners, Battery Ventures, Andreessen Horowitz and Ribbit Capital also participated in the round.