Trustly expands collaboration with Cross River Bank

Friday 5 April 2024 08:53 CET | News

Open Banking payments provider Trustly has announced the expansion of its collaboration with Cross River Bank, aiming to provide instant payments by adding the FedNow Service. 

As per the information detailed in the press release, Trustly and Cross Bank expanded their partnership in instant payments with the integration of the FedNow Service. Through this development, the two companies aim to deliver the extension of an instant payment network to Trustly’s merchants, allowing additional capabilities to optimise the routing of funds instantly via Cross River’s singular API endpoint.

Open Banking payments provider Trustly has announced the expansion of its collaboration with Cross River Bank, aiming to provide instant payments by adding the FedNow Service.

Initially, Trustly partnered with Cross River in September 2021, intending to launch Instant Payouts in the US. At that time, Trustly’s technology platform allowed US businesses to offer their customers near-instant payouts to their bank accounts. The company’s relationship with Cross River, which was an early participant in the RTP network, enabled Trustly to extend its offering into the US, after a prolonged period of delivering it only in Europe. Businesses leveraging Trustly’s Instant Payouts could fund payments directly with Cross River and the bank was set to send RTP payments on behalf of them to their customers’ bank accounts at other RTP participants.

Trustly – Cross River partnership objectives

According to Trustly’s officials, by expanding its collaboration with Cross River, the company aims to advance its commitment to improving Account-to-Account (A2A) payments. By integrating FedNow, Trustly intends to continue to enhance Open Banking payments, providing consumers with the option to leverage their bank accounts as the centres of ecommerce. The company maintains its focus on advancing Open Banking payments, and the FedNow Service comes as an addition to its network of A2A capabilities.

Furthermore, by including the FedNow Service in its offering, Trustly underscores its commitment to offering merchants and consumers an enhanced payment experience. By leveraging FedNow, the companies are set to deliver advanced bank coverage, providing accessibility and efficiency for instant payments. Representatives from Cross River underlined that the expansion of the bank’s real-time payment services with Trustly supports its objective to advance the adoption and efficiency of instant payments, enabling businesses and consumers with simplified access to their funds.

The press release also mentions that Trustly merchants can scale their business by utilising the capabilities of both RTP and FedNow, while also ensuring constant payment processing through Cross River’s singular endpoint network interoperability. Currently, Cross River offers technology infrastructure, with the bank leveraging its proprietary real-time banking core to deliver scalable Embedded Payments, cards, and lending solutions to consumers and businesses.

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Keywords: partnership, FedNow, real-time payments, instant payments, online payments, digital payments
Categories: Payments & Commerce
Companies: Cross River Bank, Trustly
Countries: United States
This article is part of category

Payments & Commerce

Cross River Bank



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