Trustly and Cross River Propel Instant Payment Adoption with Support of FedNow® Service
Pioneers in instant payments further account-to-account capabilities
SAN CARLOS, Calif.–(BUSINESS WIRE)–Trustly, a global leader in Open Banking Payments, and Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, are proud to expand their collaboration in instant payments with the addition of the FedNow® Service. The development delivers the highly anticipated expansion of an instant payment network to Trustly’s merchants, enabling new capabilities to optimize the routing of funds instantly via Cross River’s singular API endpoint.
“With Cross River, we are thrilled to pioneer FedNow® transactions, marking yet another milestone in our journey to revolutionize account-to-account payments,” says Alexandre Gonthier, CEO of Trustly, Inc. “With FedNow®, we continue to advance Open Banking Payments, giving consumers the freedom and option to use their bank accounts as the centers of commerce. We remain committed to driving innovation and shaping the future of Open Banking payments, and the addition of FedNow® adds to our rapidly-growing network of account-to-account capabilities.”
Trustly and Cross River have long served as pioneers in the instant payment industry. As an early participant in the RTP® network and top 3 RTP® originator, Cross River first collaborated with Trustly to provide access to The Clearing House’s RTP® network, where together, they are leading RTP® adoption.
The addition of FedNow® Service to Trustly’s offerings underscores a vision for providing merchants and consumers the ultimate payment experience. With FedNow®, the companies are offering enhanced bank coverage, advancing the accessibility and efficiency of instant payments. Trustly and Cross River have set the standard for excellence in real-time payment processing, while continuing to carry this standard into the future on the FedNow® rail.
“We are proud to expand our real-time payment services with Trustly, furthering our commitment to advance the adoption and efficiencies of instant payments, empowering businesses and consumers with seamless and instant access to their funds. Together, we have demonstrated that responsible innovation created a paradigm shift through our proprietary network interoperability and singular endpoint,” said Gilles Gade, Founder and CEO of Cross River.
Trustly merchants can scale their business with ease, leveraging the power of both RTP® and Fednow® while ensuring uninterrupted payment processing via Cross River’s singular endpoint network interoperability.
About Cross River
Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Leading the industry, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
About Trustly
Founded in 2008, Trustly is a global leader in Open Banking Payments. Our digital account-to-account platform redefines the speed, simplicity, and security of payments, linking some of the world’s most prominent merchants with consumers directly from their online banking accounts. Trustly can handle the entire payment journey, setting us apart from the competition and enabling us to offer an attractive alternative to traditional card networks at a lower cost. Today we serve 8,300 merchants, connecting them with 650 million consumers and 12,000 banks in over 30 countries. In 2023, we processed over $56 billion in transaction volume in our global network. Read more at us.trustly.com.
Contacts
Lena Loo
510-424-1740
[email protected]
Mackenzie DeLuca
201-808-7000 ext. 778
[email protected]
