Technology infrastructure provider Cross River Bank has scaled its card programme capabilities by rolling out its card processing engine.
By including the in-house card processing engine as part of its operations, Cross River joins a group of financial institutions that have full ownership of the card technology stack, starting with issuing and ending with processing.
With this newly launched offering, the company plans to facilitate more optionality for its partners while also delivering bank-grade security and a more efficient time to market. Concurrently, the launch solidifies Cross River’s position in Embedded Finance, as the company merges banking, compliance, and processing in one platform to support clients in expanding their operations and capabilities more optimally.
Pilot partners, capabilities, and offering
Cross River x Aion
Cross River selected Aion Financial Technologies as its pilot partner, with the move assisting the fintech company’s checking account, payments, and debit card programme. This underlines cost and complexity minimisation by integrating processing directly within the bank relationship.
Through Cross River’s technology, Aion and other clients are set to benefit from the ability to personalise the payment journey based on their customers’ needs and guide their product roadmap. This will be achieved simultaneously with the benefit of institutional trust and regulatory experience.
Upcoming features
With Cross River’s processing, partners are set to be able to benefit from compliance and real-time fraud monitoring, as well as customisable fraud rules. At the same time, the capability provides real-time transaction monitoring with worldwide mapping, customisable spend analytics to better identify user behaviour, API-powered settlement and reconciliation, and failure analysis tools that support efficient issue resolution.
According to Cross River, its processing capabilities have also been tested by Mastercard and Visa. Additionally, this offering scales client flexibility through a unified solution while further optimising its current portfolio by allowing companies to expand, manage, and tailor their payment ecosystem. This can be achieved completely through Cross River or in collaboration with existing processors.
