Cross River Partners with Payment Approved to Evolve the Movement of Money Through a Compliant, All-In-One Solution for Businesses

Cross River’s comprehensive platform is a one-stop-shop, providing streamlined access to payment rails, core infrastructure and compliance framework

Partnership will further enhance payment opportunities for Payment Approved clients

FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced that it has partnered with Payment Approved, a fintech that offers an easy access to end-to-end payment solutions for clients in the Money Service Business (“MSB”) sector, e-commerce businesses, and retailers, to provide businesses with faster and broader payment options that are safe and secure.

“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. “With this partnership, businesses can now access one platform to move money in a faster, simpler, and responsible way.”

Cross River provides access to financial services through its comprehensive, API-based platform with robust regulatory compliance and is known for its tech-forward approach. Through this partnership with Payment Approved, Cross River’s payments and technology infrastructure will facilitate the disbursement of funds through its Push-to-Card capabilities on both the Visa and MasterCard networks. Cross River is also the sponsor bank, offering clearing accounts, FBO management, and merchant acquiring services to Payment Approved clients.

"We are excited about this partnership and our combined capabilities,” said Jason Montoya, CEO of Payment Approved. “This partnership will create immediate value for our current and future clients through the ‘all-in-one’ financial offerings."

The comprehensive Payment Approved platform enables clients to send and receive money, process payments, exchange currencies across borders, and track all movement through a digital ledger, powered by Cross River. Payment Approved’s clients include fintech platforms, e-commerce businesses, MSBs, and retailers, and the partnership will further empower these clients to take control of their funds by connecting every payment source through a unified channel in an innovative, safe, and secure way.

About Cross River

Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.

About Payment Approved

Through innovative, safe, and secure global payments, Payment Approved helps put clients, including Fintech platforms, e-commerce businesses, MSBs, retailers and more, in control of their funds by connecting diverse payment sources through a unified channel.

Having pioneered the “FBO as a Service” Model, Payment Approved will leverage its partnership with Cross River to deliver unparalleled, compliant services to its clients.

The Payment Approved platform enables clients to send and receive money, process payments, exchange currencies across borders, track all movement through a digital ledger, with an industry-leading compliance-first approach.