The partnership will give Railsbank the opportunity to provide a range of API-powered, banking and payment processing services in the US.
Headquartered in the UK, Railsbank is an open banking and technology services platform. The company helps businesses by decreasing the time and complexity of opening bank accounts by optimizing technical integration with banks and by improving banking functionality with its services.
Cross River is a New Jersey based commercial banking company, which combines a suite of products into a banking-as-a-platform solution that covers lending, payments, and risk management.
Cross River founder, president, and CEO Gilles Gade said: “Cross River welcomes Railsbank as one of its key international partners to help provide banking services on a global basis.
“This partnership enables Railsbank to better serve new and existing global customers and provide them with seamless international use of banking services, including timely, cross-border cash payments and disbursements, while also being introduced to innovative solutions.”
The partnership will enable the two companies to make use of their respective existing platforms to facilitate seamless integration and servicing of both their fintech customer bases across borders and regions.
Further, the partnership will provide Railsbank’s customers across the UK and Europe the ability to foray into the US through their existing integration with the company.
Railsbank partnerships head Brad van Leeuwen said: “We’re delighted that Railsbank’s customers will be supported by the trailblazer of innovation in the US banking market in Cross River.
“Railsbank changed the game for its customers in UK and Europe by providing technology to enable global transactional banking in 5 lines of code and now our customers will be able to expand to the US much faster than was possible before, and at a fraction of the cost.”
Earlier this month, Cross River entered into a partnership with Stripe to help those involved in the marketplace economy by giving them access to their earnings via push-to-card payments.
A combined API-first platform developed by the partnership is expected to make it easier for ridesharing, food delivery, and independent freelance professionals handle their day-to-day cash needs while providing other benefits.
