Fintech firm GreenBox POS has entered into a licencing partnership with technology infrastructure provider Cross River.

The collaboration will help GreenBox POS in launching its banking-as-a-service (BaaS) initiative.

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GreenBox POS will leverage Cross River’s infrastructure and access to the payment rails to open custodial, reserve and operating accounts for their customers. The accounts will include a suite of Cross River-powered tools.

According to the fintech, the partnership will enable GreenBox POS to offer new services to existing clients through one platform.

It will also enable the company to provide services to a completely new customer pool.

GreenBox POS CEO Fredi Nisan said: “This was an important and necessary first step towards the launch of banking as a service which we believe will be a game changer for GreenBox as it will radically expand our capabilities and the vast universe of potential customers, with a customer-inspired, technology driven and combined offering.

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“Not only will we eventually be able offer all our existing merchant clients cutting edge banking services, but we can also open these solutions to strategic partnership, and enterprises seeking white label solutions. We expect this to be a significant driver of revenue growth.”

Cross River EVP and Fintech Banking head Adam Goller said: “Joining forces with GreenBox highlights Cross River’s ability to do what we do best: empower innovative and responsible fintech companies to provide their customers with access to transparent, secure and reliable financial solutions.

“We’re elated to be leading the way with GreenBox in advancing the digital finance landscape into a hassle-free, all-inclusive and technology centred experience, for businesses and consumers, alike.”