Cross River Bank: Company Research Report

Company Overview

General Information

Name: Cross River Bank

Mission: To provide access to financial services to businesses and consumers in need and to embed financial services across industries through API-driven banking infrastructure.

Founded: June 2008

Founders: Information not available

Headquartered: Fort Lee, New Jersey

Number of Employees: Over 900

Revenue: Information not available

Known For: Combining the trust and expertise of traditional banking with technology-driven solutions to offer seamless banking, lending, and payment services. Recognized for financial and regulatory compliance, and a diverse range of services to better serve fintech companies and consumers.

Key People

Keith Vander Leest: Head of Payments, Cross River

Andrew Lambert: Senior Product Director, Cards Strategy

Renaud Laplanche: CEO & Co-Founder of Upgrade

Hillel Olivestone: Head of Corporate Development

Arieh Levi: Investor

Ross Basner: Investor

Products

Overview of Products

Accounts

Bank Rails

Digital Lending

Card Issuing

Card Payments

Principal Financing

CRB Securities

Acquiring BIN Sponsorship

Key Products and Features

Instant Payments

Product: FedNow®

Description: Provides instant payments for businesses and consumers across the US.

Key Features:

24/7/365 Fund Settlement

ISO20022 Interoperability with RTP®

Direct Line to the Fed

No 3rd Party Dependencies

Card & Account Programs

Product: Custom Card Solutions

Description: Enables the design and deployment of custom card programs.

Key Features:

Credit Cards

Debit Cards

Accounts

Issuing via Cross River's comprehensive API-based core and card issuing relationships.

Platform Lending

Product: Digital Lending Platform

Description: Connects borrowers with lenders through an automated and streamlined digital process.

Key Features:

Loan origination and underwriting

Real-time payment processing

Detailed reporting and analytics

Real-Time Payments (RTP)

Product: RTP System

Description: Allows real-time settlement of payments.

Key Features:

Payment rail operated by The Clearing House

24/7/365 availability

Immediate fund settlement

Recent Developments

New Products and Features

FedNow® Launch: A significant recent development is the addition of FedNow® to provide instantaneous payment solutions to business and consumer accounts.

Enhanced API Capabilities: Continuous improvement of Cross River's proprietary API-driven banking core to include comprehensive APIs for faster payments, card issuing, and digital loan origination.

Partnerships

Fintech Collaborations: Cross River has strengthened its partnerships with leading fintech companies such as Affirm, Marlette, Rocket Loans, Upgrade, and Upstart, among others.

Card Issuing Relationships: Establishing connections with Visa, Mastercard, and American Express to deliver advanced card solutions.

Community Initiatives

Foundation@ Cross River: Focused on financial inclusion, economic development, and community support initiatives including Operation Hope for financial literacy workshops.

Community Impact: Provided forgivable loans to over 480,000 small businesses during the COVID-19 pandemic through the SBA's Paycheck Protection Program, saving over 1.4 million jobs.

Board Appointments

New Members: Cross River has appointed three new members to its Board of Directors, effective July 1, 2024:

Roland Fryer

Richard Laxer

Gabrielle Vitale

Compliance and Recognition

Regulatory Expertise: Renowned for maintaining rigorous compliance with federal regulations and consumer protection standards.

Awards: Voted Best Place to Work in Financial Technology by American Banker from 2018 to 2022.

Certifications: Member of the Federal Deposit Insurance Corporation (FDIC), Equal Housing Lender, and compliance with the Americans with Disabilities Act (ADA).

Conclusion

Cross River Bank exemplifies the fusion of traditional banking trust and cutting-edge technological innovation. With a focus on API-driven financial services, the company continues to expand its influence and capabilities across various sectors of the financial industry, supporting fintech growth and community development initiatives.