US-based Cross River Bank has boosted its push-to-card transaction capabilities over international debit card networks.
Remitly, a digital remittance company, is Cross River’s first client to use its expanded services for international disbursements.
Remitly customers will now receive near real-time disbursements using Cross River as the settlement bank for push-to-card transactions.
The company is said to have served over two million customers through its proprietary global money transfer network.
Remitly co-founder and CEO Matt Oppenheimer said: “At the heart of what we do are the millions of immigrants around the globe to whom remittances are essential for supporting and staying connected with their loved ones.
“Our partnership with Cross River is the next step in providing them a faster, more transparent way to transfer money.”
Cross River allows partners to leverage its API-driven technology and banking solutions to manage costs, efficiency and latency to improve their operations.
The bank mainly partners with payment providers to offer ACH, wire transfer, debit card disbursement, money transfer, and back-office support and compliance framework solutions.
The latest offering further empowers its corporate clients in the payment processing space with a secure international money transfer service.
Cross River founder, president, and CEO Gilles Gade said: “Cross River’s expansion into the international arena with our enhanced technology and leading payments capabilities will fundamentally change cross-border transactions, allowing consumers to receive funds across the globe.”