Press Release

Cross River Surpasses Bank Record with 1 Million Real-Time Payment (RTP) Transactions, Totaling Over $500mm in the Month of May Alone

Cross River

June 15, 2023

2 min read

Top 5 leader in RTP® origination highlights fintech leader’s dedication to innovation and ability to meet growing demand

FORT LEE, N.J. - Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced it has surpassed 1 million real-time payments (RTP®) transactions and over $500 million in RTP® volume in the month of May alone. This significant milestone surpasses the bank’s previous records, highlighting Cross River’s commitment to innovation and its ability to meet the growing demand for instant, secure, and efficient payment solutions that focus on a strong adherence to BSA/AML guidelines.

"This achievement underscores our dedication to embracing emerging technologies and delivering innovative banking solutions that empower our customers, said Gilles Gade, CEO of Cross River. “Our ability to seamlessly process a significant volume of real-time payments demonstrates the strength of our infrastructure and the expertise of our team."

Cross River, a Top 5 RTP® originator, was an early participant in the network built by The Clearing House, which allows customers to send and receive funds instantly, 24/7, 365 days a year. The Company’s achievement in processing over 1 million RTP® transactions and $500mm in volume in just one month is a testament to its cutting-edge technology infrastructure, robust banking capabilities, and commitment to delivering superior services to its partners and their customers. Since launching RTP® services in 2019, Cross River has processed over 9.5 million transactions for use cases such as healthcare, insurance, sports betting, wallet off-ramps, marketplace, and real estate.

Cross River has emerged as a leader in the fintech industry, leveraging advanced technology and strategic partnerships to provide a seamless digital banking experience. The bank's success in handling a high volume of RTP® transactions reflects its position as a trusted financial institution that consistently meets the evolving needs of individuals and businesses.

Cross River’s proprietary API-based banking core, combined with its comprehensive regulatory and compliance framework, positions the bank as a leader in the rapidly evolving fintech ecosystem. The Company plays a vital role in supporting the growth of financial technology, reducing friction in financial transactions, and promoting financial inclusion.

As Cross River continues to expand its product offerings and enhance its technological capabilities—including FedNow later this year—it remains committed to delivering secure and efficient banking services to its partners and end users. With a focus on providing innovative payment solutions, Cross River is shaping the future of the financial industry and driving meaningful change in the way individuals and businesses conduct their financial transactions.