Cross River Bank , a technology infrastructure provider that offers embedded financial solutions, announced a partnership with FinClusive, a global Compliance-as-a-Service (CaaS) infrastructure provider for financial services, to provide account and payment services to advance secure and compliant access to the financially underserved.
“Regulatory compliance, responsibility and transparency are central to Cross River, and we continue to expand our partnerships with technology leaders focused on increasing financial access,” said Gilles Gade, Founder, President and CEO of Cross River. “Both Cross River and FinClusive share fundamental values and a compliance-driven approach.”
Cross River is a strong advocate for regulatory modernization in order to create clear guidelines and standards in the fintech industry without compromising accessibility to safe, sound, compliant and affordable financial services. FinClusive’s comprehensive Compliance-as-a-Service (CaaS) technology enables fintechs to grow in a responsible manner. Cross River remains focused on partners who share a forward-looking and streamlined compliance approach, ultimately strengthening the broader fintech ecosystem. FinClusive and Cross River partnered to bring expanded payment optionality to FinClusive’s platform earlier this year.
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“In an uncertain industry environment—with ongoing challenges impacting both traditional and alternative financial services providers—this partnership is another example of our unwavering commitment to accountability and responsible governance within the financial system. Our partnership provides local communities with much-needed, reliable access to comprehensive compliance capabilities and demonstrates our shared commitment to innovation and compliance in tandem,” said Amit Sharma, CEO of FinClusive.
FinClusive’s unique CaaS application and digital gateway embeds compliance-backed identity credentials into network transactions and enable both the secure onboarding of new clients, as well as continuous validation and verification downstream. This creates both cost and process efficiencies while ensuring application of global financial crimes compliance standards across any payment rail, traditional or alternative. Together, Cross River will provide enhanced payment capabilities, connectivity to the U.S. banking system and community access, while FinClusive will ensure the necessary consumer and business protections inherent to preserving financial system integrity.
SOURCE: Businesswire