As a result of this collaboration, Cross River Bank will enhance Fintainium's payment offerings for their business customers by providing services such as check processing, access to the automated clearing house (ACH) network, and push-to-card capabilities. This will reportedly facilitate electronic funds transfer, provide fraud prevention solutions, and expedite fund disbursement to prepaid debit cards, granting businesses accelerated access to funds.
The collaboration comes to address a pain point that small and medium businesses face. In the aftermath of the pandemic and amidst challenging economic conditions, cash flow management and timely access to funds have become essential for SMEs.
In the official press release, representatives from Cross River stated that the partnership seeks to further strengthen Fintainium’s position in the market and diversify its payment capabilities.
When commenting on the news of the collaboration, officials from Fintainium emphasised Cross River’s understanding of their business and the needs of its customers. The Fintainium official further added that the payment suite offered by Cross River is expected to grant them the flexibility to extend comprehensive business payment solutions to their clients, thus ensuring a positive customer experience.
Cross River Bank is a financial solutions provider that leverages its real-time banking core to deliver embedded payments, cards, and lending offerings to consumers and businesses.
Earlier in 2023, Cross River collaborated with Sweden-based fintech Trustly and online gaming operator PointsBet in a joint venture that aimed to deliver Instant Payouts to players nationwide in the US.
Moreover, the financial solutions provider also announced a partnership with US-based financial services provider Momnt, in a bid to enable Momnt’s customers to broaden their loan offering capabilities and extend their reach to a larger consumer base.
Fintainium is a fintech that facilitates collaboration between financial institutions, businesses, and other technology companies. Its offering seeks to combine domestic and international financial transaction solutions with workflow, accounting, and reconciliation automation.
The fintech leverages an open API-driven modular platform that is compatible with banking core and ERP systems. Therefore, its platform can provide financial solutions like embedded payments, lending, and back-office automation, among others.
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