UK-based Railsbank Technology has partnered with Cross River Bank to provide API-powered, banking and payment processing services across the US.
The partnership will enable Railsbank’s customers in the UK and Europe to enter US through their existing integration with Railsbank.
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Additionally, it will enable Railsbank and Cross River Bank to leverage each other’s platforms to ensure seamless integration as well as serve their respective fintech customer bases across boundaries.
Cross River founder, president, and CEO Gilles Gade said: “Cross River welcomes Railsbank as one of its key international partners to help provide banking services on a global basis.
“This partnership enables Railsbank to better serve new and existing global customers and provide them with seamless international use of banking services, including timely, cross-border cash payments and disbursements, while also being introduced to innovative solutions.”
Railsbank co-founder and CEO Nigel Verdon said: “This is a hugely significant move for Railsbank as it is the first time that banking-as-a-service is being delivered on both sides of the Atlantic through a single API.
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By GlobalData“This partnership not only demonstrates the strength of our proposition – which is being recognised on a global scale – but on an operational level, it provides our customer base with access to a huge market with all the opportunities that entails.”
Last month, Cross River Bank raised nearly $100m in a funding round led by private equity firm KKR, which invested $75m.
