The collaboration follows a shared mission to provide financially underserved communities and organisations with safe, reliable and compliant access to account and payment services.
The press release details that FinClusive’s CaaS application and digital gateway embeds compliance-backed identity credentials into network transactions and help enable secure onboarding on new clients together with continuous validation and verification downstream. This creates cost and process efficiencies while simultaneously helping ensure the application of global financial crimes compliance standards across any payment rail, be it traditional or alternative. Through this collaboration, Cross River is set to provide increased payment capabilities, and connectivity to the US banking system together with community access, while FinClusive will help ensure consumer and business protection necessary for preserving financial system integrity.
Commenting on the partnership, Gilles Gade, Founder, President, and CEO of Cross River advised that regulatory compliance, responsibility, and transparency are central to the company, and it aims to continue expanding its partnerships with technology providers that have a focus on increasing financial access, adding that Cross River and FinClusive share fundamental values and a compliance-driven approach.
As per the information detailed in the press release, Cross River is a strong advocate for regulatory modernisation so as to create clear guidelines and standards within the fintech industry without having access to safe, sound, compliant, and affordable financial services compromised. FinClusive’s extensive CaaS technology enables fintech to grow responsibly, and Cross River is looking to focus on partners that share a forward-looking and simplified compliance approach to ultimately strengthen the broader fintech ecosystem, with the collaboration set to bring expanded payment optionality to FinClusive’s platform.
Adding on the announcement, Amit Sharma, CEO of FinClusive stated that in an uncertain industry environment with continuous challenges that impact traditional and alternative financial services providers alike, the collaboration aims to exemplify the companies’ commitment to accountability and responsible governance within the financial system. As per their statement, the partnership provides local communities with reliable access to extensive compliance capabilities and showcases a shared commitment to both innovation and compliance.
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