Cross River Bank, a key provider of embedded financial solutions, is expanding its card program capabilities. It announced the launch of its proprietary, In-House Card Processing Engine. This significant infrastructure milestone places Cross River among a small group of financial institutions. These institutions maintain complete ownership of their card technology stack. This control ranges from card issuance to processing. Aion Financial Technologies has been selected as the official pilot partner. Aion will use the new engine to support its checking account and payments program.
Boosting Flexibility and Security for Partners
The Cross River processing solution offers partners greater optionality. It ensures bank-grade compliance and security. Furthermore, it allows for much faster time-to-market. The engine provides powerful features for partners to utilize. These include real-time fraud monitoring and customizable fraud rules. Moreover, it offers API-driven settlement and reconciliation tools. This In-House Card Processing Engine has successfully been tested by Mastercard and Visa.
Andrew Lambert, Head of Product at Cross River, highlighted the benefits of the unified system.
“Our in-house processing is a full-stack integration, offering a seamless way to launch debit, credit, and prepaid card programs. It enables our partners to scale with one unified solution. Our partners have the flexibility to design card experiences around their customers.”
This proprietary technology allows clients to scale and customize their payment ecosystem. They can use the whole Cross River platform. They can also coordinate with any existing processors. Lynn Chen, Head of Fintech Solutions at Cross River, also spoke on the launch. She noted this innovation is a natural extension of the company’s mission. Chen stated the engine provides the necessary infrastructure to scale with confidence. This new In-House Card Processing Engine reinforces Cross River’s leadership in embedded finance.
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News Source: Businesswire.com
