Cross River Bank in Fort Lee has teamed up with Payment Approved, an Austin-based fintech that brings payment solutions to clients in sectors including money service businesses, e-commerce businesses, and retailers.
“The industry is rapidly changing, which brings increased demand for safer and more efficient payment methods,” said Keith Vander Leest, director of payments at Cross River in a statement. “With this partnership, businesses can now access one platform to move money in a faster, simpler, and responsible way.”
Through its partnership with Payment Approved, Cross River’s payments and technology infrastructure will facilitate fund disbursement through its Push-to-Card capabilities on the Visa and MasterCard networks. As the sponsor bank, Cross River also offers clearing accounts, fixed-based operator management, and merchant acquiring services to Payment Approved clients.
“We are excited about this partnership and our combined capabilities,” said Payment Approved CEO Jason Montoya. “This partnership will create immediate value for our current and future clients through the ‘all-in-one’ financial offerings.”
Payment Approved clients have the ability to send and receive money, process payments, exchange currencies across borders and track all movement through a digital ledger, powered by Cross River.