Remitly partners with Cross River Bank to speed up cross-border payments. 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. A new partnership with Cross River Bank will allow Seattle-based Remitly’s customers to receive disbursements in near-real time over international debit card networks, the digital remittance company said. Fort Lee, New Jersey-based Cross River Bank, which recently expanded its push-to-card transaction capabilities internationally, will serve as the settlement bank for Remitly’s clients.
Gilles Gade, Founder, President, and CEO of Cross River said:
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. 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.”
Matt Oppenheimer, Remitly CEO and co-founder said:
We’re super excited to offer to our customers the ability to send funds via Visa Direct to their loved ones back home. That means instead of sending to a cash pickup location or instead of entering in their recipient’s bank account number, they can enter in their recipient’s 16-digit debit card number in the country they’re sending to, and the funds are available in real time.
Cross River bank is the first bank to join RippleNet. From Ripples Website:
Cross River Bank is one of the first U.S.-based banks that will use the Ripple protocol to offer its business and personal banking customers real-time international payments between the U.S. and Western Europe. With Ripple, Cross River Bank will integrate the most advanced settlement infrastructure for instant, secure, compliant, and dramatically more affordable cross-border money transfer services.
Cross River Bank is an FDIC-insured, technology-enabled transaction bank applying compliance and traditional banking rules to innovative fintech and financial services companies. Through transformative technologies like Ripple, Cross River offers clients a modern banking experience that is safer and more efficient than ever before. Cross River Bank will join Fidor Bank and other financial institutions on the Ripple protocol.
Ripple partner Cross River Bank partnered w/ Remitly with their new international push-to-debit cards. Interestingly, this article suggests Cross River Bank is the settlement bank for Remitly’s Visa Direct clients. 🤔https://t.co/dckV7rcoJ9
— WrathofKahneman (@WKahneman) May 19, 2020