Gilles Gade, CEO, Cross River

Cross River Bank, a provider of banking services for financial technology companies, and Railsbank Technology Limited, an UK-based open banking and RegTech technology services platform, have announced that they have entered into a partnership arrangement that will provide Railsbank an opportunity to offer a variety of API-powered, banking and payment processing services across the U.S.

This arrangement will allow for seamless integration and service of their respective fintech consumer bases across regions.

“Cross River welcomes Railsbank as one of its key international partners to help provide banking services on a global basis,” said Gilles Gade, Founder, President, and CEO of Cross River. “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.”

“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.” said Nigel Verdon, Co-Founder and CEO of Railsbank. “This partnership not only demonstrates the strength of our proposition – which is being recognized 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.”

“We’re delighted that Railsbank’s customers will be supported by the trailblazer of innovation in the US banking market in Cross River,” said Brad van Leeuwen, Head of Partnerships at Railsbank. “Railsbank changed the game for its customers in UK and Europe by providing technology to enable global transactional banking in 5 lines of code and now our customers will be able to expand to the US much faster than was possible before, and at a fraction of the cost.”

Cross River Bank is a financial services organization that merges the established expertise and traditional services of a bank, with the offerings of a technology company. It combines a suite of products into a banking-as-a-platform solution, encompassing lending, payments, and risk management. Founded in 2008, Cross River is a New Jersey state-chartered FDIC insured bank.

Founded by serial entrepreneurs and FinTech veterans Nigel Verdon and Clive Mitchell, Railsbank turbo-charges the scaling of businesses by massively reducing the time and complexity of opening bank accounts by streamlining technical integration with banks, enhancing banking functionality with core Railsbank services; and enabling both parties to have a trusted compliance relationship.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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