The company now owns the complete technology stack, from issuing to processing, it said in a Wednesday (Dec. 10) press release emailed to PYMNTS.
With its new processing capability, Cross River provides partners with bank-grade compliance, real-time fraud monitoring and customizable fraud rules, according to the release.
It also offers real-time transaction monitoring with global mapping, customizable spend analytics, application programming interface-driven settlement and reconciliation, and failure analysis tools, per the release.
Andrew Lambert, head of product at Cross River, said in the release: “Our partners have the flexibility to design card experiences around their customers — with instant virtual card creation, spend controls that update in real-time, actionable intelligence and full lifecycle management.”
Lynn Chen, head of FinTech solutions at Cross River, said: “By integrating card processing directly into our banking core, we’re giving our clients additional optionality to own the payments experience, all while being supported by compliance capabilities and security they expect from a regulated bank.”
The pilot partner of Cross River’s expanded card program capabilities is Aion Financial Technologies, according to the release. Aion will demonstrate the reductions in cost and complexity that can be attained by integrating processing directly within the bank relationship, per the release.
“Cross River’s card processing engine enables Aion to deliver rich, dynamic card programs for businesses on our platform, giving them greater control over corporate spending while simplifying management and tracking,” Aion Founder and CEO Satish Palvai said in the release. “This enhancement will significantly streamline their day-to-day workflows.”
In another recent addition to its offerings, Cross River said in November that its real-time core, COS, now powers stablecoin payments. With this addition, it unifies fiat and stablecoin flows through a single, interoperable system.
In September, Cross River launched a new Advanced Authorization model that allows its partners to more actively participate in the transaction decision for card network authorizations in its card issuing programs. This capability enables FinTechs to implement customized transaction logic and rules within an approved framework, the company said at the time.