September 19, 2019
Cross River Announces Plans to Implement the RTP® Network, TCH’s Real-Time Payments System
FORT LEE, N.J. - Cross River Bank (“Cross River”), a leading innovator and provider of banking services for technology companies, today announced that it will enhance its real-time payments capabilities for its partners through its application to join the RTP® network developed by The Clearing House (TCH). With the RTP network, Cross River will provide the ability for its fintech and commercial banking clients to seamlessly send, clear and settle payments instantaneously with advanced messaging capabilities, while maintaining a strong focus on compliance.
“Since inception, Cross River has been an early adopter of new technology to provide our partners with the latest, most innovative tools to align with their needs,” said Gilles Gade, Founder, President, and CEO of Cross River. “As one of the first community banks to join the existing banks on The Clearing House’s RTP network, and as a leading technology company, Cross River is delivering cutting-edge products and enhanced functionality to our partners.”
Cross River is one of the first community banks joining major financial institutions already live on the RTP network. In a unique approach as a growing, technology-driven bank, Cross River intends to offer this access to a much wider audience through its fintech partnerships. The RTP network is the first new core payments infrastructure built in the U.S. in more than 40 years. The network is the first to deliver 24/7 clearing and interbank settlement, including the real-time movement of money and enriched data between participating financial institutions. The RTP network offers a suite of available use cases and extensive level of data accompanying each RTP transaction. The RTP network currently reaches more than 50% of U.S. accounts for real-time payment receipt and adoption is increasing.
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