Cross River, expand partnership to streamline real estate and title insurance transactions

Fort Lee-based Cross River Bank and, a cloud-based financial operating system for digital payments, have expanded their partnership to bring real-time payments to customers over the Clearing House’s RTP network. This expansion will enable businesses and consumers real-time access to funds, a critical factor when transferring money for high-dollar-value transactions.

Cross River said the new offering will improve stakeholder experience in a variety of real estate use cases, including allowing prospective homebuyers to deposit earnest money directly from their checking account when making an offer on a home and providing escrow holders and settlement agents the ability to disburse funds to clients and vendors safely and in real-time — without sharing routing and account numbers.

The platform, powered by Cross River’s operating system, combines multiple payment rails to facilitate the movement of funds for the entire transaction, giving stakeholders much needed security, transparency and control of how and when funds are moved.

“One of the most impactful benefits of our proprietary banking core is the ability to scale with our partners, allowing innovative industry leaders like to grow and expand product offerings,” Keith Vander Leest, head of payments for Cross River, said. “ is transforming financial transactions within the real estate industry, and we’re proud to power their real-time payment capabilities.”

Traditional real estate transactions are often hindered by slow and cumbersome payment processes, creating friction in an already challenging macroeconomic and real estate environment.

Earlier this year, Cross River and partnered to modernize real estate transactions with ACH (including same day) as well as domestic wire capabilities.

Now, the companies will further streamline financial transactions by helping to eliminate the inefficiencies of paper checks, reduce settlement times, mitigate instances of wire fraud and provide real estate professionals, buyers and sellers with immediate access to funds.

Adding the RTP network to its suite of existing payment rails enables to facilitate the movement of funds and facilitate the receipt of money deposits, client and vendor disbursements to third parties, as well as intracompany and interdepartmental account to account transfers.

By providing a seamless implementation into an organization’s existing infrastructure, empowers real estate companies with a compliant and modern payments experience without the time and expense of a complete system replacement.

“As a payment process built from the ground up, specifically for the real estate transaction, we view adding the RTP instant payment capability as more than the addition of a payment rail, but a true evolution of our product offering. Allowing real estate industry participants to move funds instantly and securely while providing real-time visibility drastically improves the real estate transaction experience,” Jason Doshi, co-founder and CEO of, said. “We’re excited to bring this solution to market with Cross River as our partner.”

Cross River’s operating system, a proprietary API-based core, creates a streamlined connection between Cross River and the Clearing House’s RTP network, removing the need for reliance on third-party providers for end-to-end, real-time money movement.

Combined with its comprehensive regulatory and compliance framework, the company’s infrastructure plays a vital role in supporting the innovation of financial technology, reducing friction in financial transactions and promoting financial inclusion.

“We are proud to play a part in revolutionizing the closing process in the real estate industry by providing banks like Cross River the ability to send instant payments on behalf of their banking customers in a secure and more streamlined process over the RTP network,” Rusiru Gunasena, senior vice president, RTP product management and strategy, the Clearing House, said. “The RTP network’s $1 million transaction limit can accommodate many payments for real-estate transactions through a network that also provides confirmation of payment receipt, eliminating uncertainty about the status of a payment.