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Trustly & Cross River to boost instant payment adoption via FedNow® service

By Delisha Fernandes

April 05, 2024

  • Bank Accounts
  • Cross River Bank
  • Fintech news
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Cross River, VoPayTrustly, a global Open Banking Payments provider, and Cross River Bank (“Cross River”), a technology infrastructure provider have expanded 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,” said 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.

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