Under the partnership, Cross River will work with RS2, which has U.S. offices in Denver, to improve payment processing and bolster push/pull transaction capabilities for merchant customers, as well as workers and consumers.
Cross River said the partnership will enable physical and online merchants to receive settlement funds faster than through traditional settlement periods. In addition, fintech companies’ users will be able to receive funds faster under more efficient card processing and banking systems.
“Cross River and RS2 understand that technology innovators demand regulated, secure payment solutions that address dynamic, ongoing changes in the marketplace,” Phil Goldfeder, senior vice president, public affairs, for Cross River, said in a prepared statement. “In today’s global economy, payment needs are fast-evolving, with merchants gravitating toward payment providers who offer broader, multifaceted services in one place.
“We are confident that our best-in-class, compliant fintech banking services — combined with RS2’s industry-leading processing solution — will enable workers and merchants to succeed in the partner-driven marketplace.”