Cross River Bank signs Remitly to new international push-to-card service for remittances
Cross River Bank, a banking-as-a-service provider to fintechs, has signed Remitly to leverage its new push-to-card international payment service for near-real-time remittances.
The service will be integrated into Cross River’s API-driven solutions that permit clients to customize how they offer payments and which services they leverage. International push-to-card payments will be supported alongside other Cross River payment methods including ACH, wire transfer, domestic debit card disbursement and money transfer. Cross River will serve as the settlement bank for push-to-card transactions for its clients.
“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,” said Matt Oppenheimer, co-founder and CEO of Remitly, in a press release.
Remitly’s clients will be able to receive international disbursements in near-real time. The Seattle-based remittance provider has served more than 2 million customers through its global money transfer network since being founded. Remitly raised over $220 million last July for cross-border payments expansion to reach more customers and develop an array of new financial services. This followed a 2018 expansion which saw Remitly adding 11 European countries to its remittance network coverage.
In January 2019, Stripe teamed up with Cross River to offer domestic debit push-to-card payments using Mastercard Send and Visa Direct payment card rails for its merchants. The capability was a new addition to Cross River’s API-based platform, which Stripe was already leveraging for merchant payments.