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Cross River to issue cards on American Express network

Tuesday 25 October 2022 11:19 CET | News

Embedded financial solutions provider Cross River has partnered with American Express to issue credit cards on behalf of fintechs on the Amex network.

 

Cross River’s one-stop-shop platform enables access to international payment rails, core infrastructure and a compliance framework. Partners are given the flexibility of managing costs, efficiency, and latency through means of customised and simplified API-driven technology and banking solutions. In turn, partners have the option of better integrating payment solutions into their own environments for quickened innovation.

Having added the American Express network, Cross River gives fintechs access to American Express benefits, alongside an improved experience when issuing with Cross River. The collaboration enables fintechs to offer their partners and customers access to an extensive payment ecosystem and expanded optionality, supported by the compliant infrastructure of Cross River. 

Embedded financial solutions provider Cross River has partnered with American Express to issue credit cards on behalf of fintechs on the AmEx network

Cross River product offering and recent developments

Cross River is a technology infrastructure provider for financial services. Leveraging its proprietary real-time banking core, the company helps deliver innovative and scalable embedded payments, cards, lending, and crypto solutions to both businesses and consumers, hoping to reshape alongside its partners global finance and financial inclusion.

In June 2022, Cross River made an agreement with credit solutions company FuturePay Holdings to augment the latter’s MyTab digital revolving credit platform, enabling MyTab to provide responsible credit access to consumers across the US, and fintech solutions to merchants due to Cross River's banking capabilities and technology infrastructure. Furthermore, the company’s regulatory expertise helped add an additional layer of compliance and consumer protection to the platform. 

In April 2022, Cross River announced a partnership with behaviour-based fraud and compliance platform for digital wallets and neobanks Sardine to ensure Sardine’s customers are provided with a reliable way for immediately gaining access to funds through the former’s infrastructure platform. Earlier in that same month, the company partnered up with Revolut to help expand Revolut’s business in the US by leveraging Cross River’s technology and regulatory infrastructure, enabling Revolut’s clients to take out personal loans without having to worry about late fees, origination fees, and prepayment penalties.

In March 2022, CRB Group, the company that Cross River Bank is a subsidiary of, announced the receival of a USD 620 million financing, aimed at helping Cross River accelerate its technology-focused growth strategy, which, at the time, included four core initiatives:

  • Expanding the company’s embedded payments, cards, lending, and crypto solutions;

  • Continuing investment in its people and communities;

  • Continuing in executing plans for international expansion;

  • And strengthening strategic partnerships.


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Keywords: partnership, credit card, payment methods, embedded finance, payments infrastructure, lending, Issuer, compliance
Categories: Payments & Commerce
Companies: American Express, Cross River
Countries: United States
This article is part of category

Payments & Commerce

American Express

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Cross River

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