Cross River Bank Partners with Payment Approved for Payments
Cross River Bank announced a partnership with Payment Approved on November 17, 2021, aimed at evolving the movement of money. Cross River, a well-known sponsor bank and BaaS provider, brings its established payments infrastructure and regulatory framework to the collaboration. Payment Approved gains access to Cross River's banking rails to enhance its payments capabilities.
The partnership underscores the ongoing trend of fintechs relying on sponsor banks to power their payment solutions. Specific financial terms of the deal were not disclosed. Cross River has been one of the most active sponsor banks in the fintech ecosystem, supporting numerous embedded finance and lending partnerships.
The deal further solidifies Cross River's position as a key enabler in the BaaS and embedded payments landscape.
- Reinforces Cross River Bank's dominant position as a sponsor bank for fintech payments partnerships
- Signals continued demand from payments fintechs for bank-partnered infrastructure rather than building in-house