ACH reversals
An ACH reversal is an ACH payment that is requested to be reversed by the payment originator.
API banking platform
API (Application Programming Interface) banking platforms provide a process of enabling banking functions as a web service, accessible by third-party companies. Delivering an API platform creates operational efficiencies for businesses that choose to integrate into the service.
BNPL
Buy Now Pay Later is a short-term financing option for consumers at point of sale, allowing them to make purchases with payments due at a future date. BNPL options are often interest-free.
Compliance
Banking compliance means complying with regulations, laws and guidelines, whether internal or external. Its function is to prevent, detect and address any and all deviations.
COS
Cross River’s Operating System is Cross River’s API-based banking core through which all APIs run, delivering payment rails, loan originations and disbursements, and connections to card networks.
Cross border payments
Cross border payments refer to transactions enabled between a sender and recipient, located in different countries.
Debt consolidation
Debt consolidation is a form of debt refinancing that entails taking out one loan to pay off many others. This commonly refers to a personal finance process of individuals addressing high consumer debt.
IAT
International ACH Transaction is an ACH payment made to or from a banking entity outside the United States.
Loan origination
Loan origination is the process by which a borrower applies for a new loan, and a lender processes that application. Origination generally includes all the steps from taking a loan application up to disbursal of funds
NACHA
The National Automated Clearinghouse Association is the entity that processes ACH transactions in the United States.
Point of sale (POS)
The point of sale (POS) or point of purchase (POP) is the time and place at which a retail transaction is completed.
Standard ACH
ACH transfers are electronic, bank-to-bank money transfers processed through the Automated Clearing House Network. These transactions can be processed with Cross River’s APIs at standard, same day or later settlement window settlement times.
Platform lending
A new model of lending. Platform lenders use their online platforms to connect borrowers with investors willing to invest in loans.
Push-to-card
Cross River Bank’s (CRB) Push-to-Card disbursement (P2C) solution is a payment gateway that disburses funds in near-real-time to debit card accounts through participating debit card networks.
Real-time payments (RTP)
RTP is a real time payment platform operated by The Clearing House. It’s the first revolutionary payment rail in over 40 years, and allows immediate settlement of funds, 24/7, 365.
Underwriting
Underwriting is the process of evaluating risks to protect investors, banks, insurance agencies and other financial institutions.
Wires
Wires transfers are secure electronic fund transfers between two differing financial institutions.
