Cross River Bank combines traditional banking with technology, offering a range of services through its API-driven platform, the Cross River Operating System. This platform allows FinTech companies to easily integrate customizable banking services, including payment solutions and loan origination. The company stands out by providing a 'Banking as a Platform' model, which supports small businesses and other financial technology firms, especially during critical times like the COVID-19 pandemic. Cross River's goal is to empower its clients by providing the necessary infrastructure to succeed in the financial sector.

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Modern Treasury has expanded instant payments support for mutual clients of six top banks. “Money is moving swiftly toward a real-time future, and seeing customers use Modern Treasury to enable instant payments with some of the largest banks in the U.S. is a testament to the accelerating adoption of these exciting new payment rails,” Modern Treasury Co-founder and CTO Sam Aarons said in a news release Wednesday (Aug. 14). “By making instant payments easier to access for our customers, we’re helping them deliver better customer experiences while enabling real-time insight into cash flow.”

Modern Treasury Expands Its Support For Instant Payments

The board additions come more than a year after the FDIC issued a consent order over Cross River's "unsafe and unsound" practices related to fair lending laws and regulations.

Cross River names 3 new board members to bolster growth

Small businesses represent 99.9% of American firms, yet effectively financing them remains an ongoing challenge. Small businesses are inherently risky — and many end up being short-lived operations. And while the demand for innovative lending solutions tailored for small and-medium-sized businesses (SMBs) continues to grow, traditional lenders, particularly large banks, frequently view SMB lending as resource-intensive and unprofitable, and as a result shy away from the space. But with the news from the U.S. Census Bureau that almost 5.5 million new U.S. business applications were filed in 2023, breaking the 2021 record of 5.4 million, capturing the opportunity this represents for smaller banks and community lenders like credit unions is top of mind for those financial institutions’ executives

Embracing A Specialist Approach Helps Lenders Overcome Small Business Difficulties

Fort Lee-based Cross River Bank announced Friday that it is celebrating its 16th anniversary since its founding in June 2008.Cross River said that, since coming out of the 2008 crisis, the financial institution has been at the forefront of driving innovation and underpinning the growth of the fintech industry and is known for its values-driven business model. The bank has provided both leading technology and deep banking expertise to break down barriers for individuals and communities through its responsible and innovative offerings, financial inclusion initiatives and notable Foundation@ giving arm.“Cross River was born out of a commitment to provide financial resources to those in need, especially during the 2008 financial crisis, when others were retreating. We have transformed the financial landscape, providing life-changing access to credit for nearly 100 million customers and facilitating nearly 1 billion payment transactions. This achievement is a testament to the unwavering dedication of our extraordinary team and the invaluable support of our partners, friends and communities,” Gilles Gade, founder and CEO of Cross River, said. “As we look to the future, we remain dedicated to our foundational values of responsibility, integrity, compassion, creativity and humility. Our path forward is clear: to continue leading the way in developing innovative solutions, expanding our giving, and driving positive change.”Since opening its doors, Cross River has positively impacted lives across the nation and around the world

Cross River Celebrates 16 Years Of Innovation, Inclusion And Giving

Small business and small farm loans decreased in 2023 as interest rates rose and lending standards tightened, according to three federal banking agencies with responsibilities for the Community Reinvestment Act (CRA).Compared to 2022, the number of small business loans originated decreased by 5.1% and the number of small farm loans originated decreased by 5.6%, according to a fact sheet released Monday (Dec. 16).The dollar amount of these loans decreased by 8.9% and 5.2%, respectively, in 2023 compared to the previous year, according to the fact sheet.“The decrease in lending is likely due, at least in part, to rising interest rates and tighter lending standards,” the fact sheet said.These figures are based on the agencies’ analysis of nationwide summary statistics for 2023 CRA data, according to the fact sheet.They were compiled by the three federal banking agency members of the Federal Financial Institutions Examination Council: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency.The data covers only a portion of the credit extended to small businesses and farms, as depository institutions and nonbank financial institutions that don’t report CRA data also extend loans, per the fact sheet.In terms of the number of loan originations in 2023, about 94.9% of small business loans and 80.2% of small farm loans were for amounts under $100,000, according to the fact sheet.The analysis also found that 54.8% of small business loan originations and 58.1% of small farm loan originations went to firms with revenues of $1 million or less, per the fact sheet.Only about 8.5% of small and medium-sized businesses (SMBs) have found working capital loans from banks to be readily available, according to the PYMNTS Intelligence and Cross River collaboration, “What’s Next in Credit: Why SMBs Prefer Corporate Credit Cards for Short-Term Financing.”The report found that the challenges faced by these businesses suggest it may be difficult to qualify for business financing in today’s economic environment.The FDIC said in October that a high-touch approach and in-person visits to bank branches are “key conduits” for small business lending

Small Business Loans Decreased In 2023 As Lending Standards Tightened

The Federal Deposit Insurance Corp. (FDIC) has extended the public comment period for its proposed rule on recordkeeping for banks’ custodial accounts. Previously scheduled to end Dec. 2, the comment period now runs through Jan. 16, the FDIC said in a Monday (Nov. 18) press release

Fdic Extends Comment Period For Proposed Custodial Account Recordkeeping Rule

Cross River Founder and CEO Gilles Gade has spoken out in favor of the Federal Deposit Insurance Corp.’s (FDIC) proposed requirements for custodial deposit accounts. The proposed requirements are a proper response to the collapse of Synapse and the fallout that impacted its FDIC-insured banking partner, Evolve Bank  Trust, and several FinTechs, Gade said in a Tuesday (Oct. 22) statement. “In the past, we’ve been the first to push back on regulator overreach,” Gade wrote. “But on this occasion, regulators at the FDIC are undeniably right to take responsive action.”

Cross River Ceo: Fdic Proposed Rule Would Protect Bank-Fintech Model

Fundbox, a leading embedded capital platform for SMBs, announced a new credit facility with Cross River, a technology infrastructure provider that offers embedded financial solutions, and Waterfall Asset Management, a global alternative investment advisor.

Fundbox Secures Warehouse Capacity from Cross River and Waterfall Asset Management

Affinity Plus Credit Union has unveiled a new real-time payments service for its members, giving them instant access to their funds.Through the FedNow® Service and RTP® Network, the credit union will enable its members to securely receive instant payments from financial institutions and service providers across the U.S., Affinity Plus said in a Thursday (Aug. 22) news release. The new offering will benefit all members, the credit union said, particularly small business owners and gig workers.Instant access to funds can help businesses manage their cash flow and navigate uncertainty, and gives gig workers more financial stability, the credit union said, especially when they are faced with unexpected expenses. The release added that this new service speeds up emergency insurance disbursements and sends disaster relief funding more quickly to those in need.“For many workers, especially those in the gig economy, waiting even a few days for payment can significantly impact their financial stability and earning potential,” Affinity Plus Director of Operations Jacquie Twedt said in a statement. “With this real-time payment service, Affinity Plus is empowering all our members to manage their cash flow more effectively, ensuring timely access to funds and enhancing their overall financial wellbeing.”More freelancers are turning to real-time payments to widen their access to instant funding.According to the PYMNTS Intelligence report “Generation Instant: Freelancers Use Instant Payments to Reduce Financial Hardship,” 37% of freelance workers use instant payments to alleviate financial stress. Meanwhile, 30% said that instant access to their funds stay on top of their bills, while 28% reported that instant payments are cheaper than other alternate payment methods, helping them save money.Other companies are also moving to give gig workers faster access to their funds.Cross River Bank announced a partnership with payments solution provider MassPay on July 9 designed to expand access to domestic instant payments, particularly in sectors like the gig economy.“The rise of independent contractors, gig and creator economies and online marketplaces has revolutionized the way people work and transact, creating a growing demand for efficient, reliable, and instant payment solutions,” the companies said in a news release at the time

Affinity Plus Cu Launches Real-Time Payments Service

Access to working capital is critical for the survival and growth of small businesses. And with the news from the National Federation of Independent Business (NFIB) Small Business Optimism Index released Tuesday (Aug. 13) that — despite ongoing cost pressures and macro headwinds — small and medium-sized businesses (SMBs) in the U.S. are feeling the highest level of optimism since February 2022, delivering the working capital products and financial services they need to thrive is top of mind for savvy lenders and financial players. But it’s not just private sector players excited to capture the SMB opportunity while spurring Main Street growth. The U.S

White House Working Capital Program Targets Small Business Stability Through 2027

API-driven banking services for FinTech companies

Cross River Bank

API-driven banking services for FinTech companies

Cross River Bank

API-driven banking services for FinTech companies

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