Utilising Cross River’s proprietary banking core, API technology, and industry-leading compliance and AML/CFT integrations, the solution offers businesses simple, efficient, and cost-effective cross-border transactions.
The market of cross-border payments is expected to reach USD 320 trillion by 2032, as the demand is increasing. The bank’s new solution is rail-agnostic, selecting the most relevant payment rails based on transaction size, currency, and corridor. This ensures consumers and businesses get faster processing times.
The bank’s goal is to simplify cross-border payments by removing technical barriers that limit global scalability. The new capability enables fast, cost-effective, and secure transfers for SWIFT or local bank rails. SWIFT offers secure, standardised cross-border transactions, while local bank rails are optimised for B2B and B2C transfers. The feature initially enables international payments for fintechs and SMEs, B2B and B2C transfers, funding operating accounts and subsidiary payments back to parent companies. This marks an advancement in infrastructure for Cross River and acts as a base for future payment solutions.
An early adopter of the solution is Aion, a platform designed to simplify financial management. Cross River and Aion have partnered in the past to enable instant payment domestically via RTP, FedNow, and traditional methods such as ACH and Wires. The bank also offers business banking accounts through Aion, including a high-yield business account.
Cross River’s international payment solution aims to help SMEs tackle challenges such as high costs and delays when paying international suppliers or remote teams by offering them the same speed and efficiency that larger enterprises usually benefit from. With a focus on compliance with regulatory requirements, the platform integrated AML tools and compliance solutions. To enable businesses to monitor transactions on a sub-entity level, it offers fully routable subledgers and detailed customer records for security.
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