Cross River partners with Aeropay

According to Cross River’s officials, offering constant and secure access to funds has become a necessity for business survival and improved customer experience, specifically in the gaming sector. The company partnered with Aeropay to leverage the company’s capabilities and work towards eliminating difficulties across verticals and providing real-time and instant access to user funds. By joining forces, Cross River and Aeropay plan to focus on transaction compliance and regulatory approval, with the two companies aiming to utilise custom API integrations to onboard operators. Additionally, they plan to provide players with access to instant payouts, as well as offering security through real-time transaction monitoring. Supported by Cross River, which is a participant in the RTP network developed by The Clearing House, instant payouts enable users to instantly access their winnings on the weekends. This aims to increase player satisfaction and grow customer retention.

Representatives from Aeropay underlined that, by partnering with Cross River, the company can deliver enhanced value to users and operators. The enablement of RTP allows users to receive instant access to payouts, while operators benefit from the capability to simplify their payout process and minimise settlement times. The press release also mentions that, as one of Cross River’s RTP providers, Aeropay saw an increase of 50% in high-frequency users, which indicates the value of instant payouts to users. Considering that RTP payouts are processed in real-time, the funds are available immediately, in contrast to traditional ACH payouts that require more time to be completed.

Furthermore, Cross River’s Operating System and API-based core develop a direct, simplified connection to The Clearing House’s RTP network to allow efficient end-to-end money movement. The company provides a suite of domestic Instant Payments products, enabling individuals and businesses to transfer funds that settle instantly between US DDAs at different US-based financial institutions. In addition to leveraging The Clearing House’s RTP network, Cross River also uses FedNow to route its instant payments. The Federal Reserve’s instant payment infrastructure enables financial institutions of every size across the US to offer efficient instant payment services.

As a technology infrastructure provider, Cross River is committed to improving financial services and, by leveraging its proprietary real-time banking core, the company offers scalable Embedded Payments, cards, and lending solutions to consumers and businesses. In addition to its collaboration with Aeropay, the company entered several partnerships in recent months to advance its development strategy.

At the beginning of October 2024, Cross River expanded its collaboration with paymints.io to offer real-time payments to the latter’s customers over The Clearing House’s RTP network. The partnership was set to provide businesses and consumers with real-time access to funds, an important factor when transferring money for high dollar value transactions.

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