FORT LEE, N.J. Cross River Bank (“Cross River”), a leading innovator and provider of banking services for financial technology companies, today announced that it has entered into a partnership agreement with RS2 Software, a global payments processing and technology provider. Together, Cross River and RS2 will provide merchants with a seamless, global payment experience for processing credit and debit card transactions, as well as digital banking for their workers and consumers.
“Cross River and RS2 understand that technology innovators demand regulated, secure payment solutions that address dynamic, ongoing changes in the marketplace,” said Phil Goldfeder, SVP, Public Affairs at Cross River. “In today’s global economy, payment needs are fast-evolving with merchants gravitating towards payment providers who offer broader multifaceted services in one place. We are confident that our best-in-class, compliant fintech banking services – combined with RS2’s industry-leading processing solution– will enable workers and merchants to succeed in the partner-driven marketplace.”
Under their agreement, Cross River and RS2 will work together to improve payment processing and enable push and pull transaction capabilities. The partnership will allow both physical and virtual merchants to receive settlement funds faster than waiting for traditional settlement periods. Fintech companies will also benefit from Cross River’s robust regulatory compliant platform that will enable companies to focus on innovating beyond legacy systems to create efficient card processing and banking capabilities and enable users to receive funds faster.
“RS2 embraces the complex elements of payments – multiple channels, payment types, countries and currencies – and transforms them into opportunity, growth, and innovation,” said Daniela Mielke, CEO of RS2 Software North America. “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 optimize customer experiences and minimize the time, effort, and costs associated with managing their payment practices.”
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. They combine a compliant and 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 fintech companies enabling them to focus on their own growth without hindering innovation. In December 2018, the company 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.
About RS2 Software
RS2 is one of the world’s most comprehensive and broadly adopted cloud payments platform. RS2 supports some of the world’s largest institutions and processes thousands of transactions per second in every major currency supporting all aspects of payments. BankWORKS, our single global payment processing platform, reduces the number of intermediaries required to integrate payments and value-added services into the merchant’s business, all while enabling the secure and trusted delivery of payment services. This new approach creates a single solution to accept or issue payments anywhere in the world. Headquartered in Europe and Denver, with offices in six countries, RS2 leverages its global experience to build elegant payment solutions for more than 14 million merchants.
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