Trustly and Cross River Bank expand partnership with FedNow integration

05 Apr 2024

Open Banking payments provider Trustly and technology infrastructure provider Cross River Bank have built on their existing instant payments partnership by adding the FedNow service.

The expansion of their partnership means that Trustly and Cross River Bank are now able to process payments on FedNow for all of the merchants currently powering their payments via Trustly’s Open Banking platform.

By processing transactions on the US Federal Reserve’s platform FedNow, Cross River Bank and Trustly can provide merchants with enhanced bank coverage, furthering their account-to-account capabilities.

“With Cross River, we are thrilled to pioneer FedNow transactions, marking yet another milestone in our journey to revolutionise account-to-account payments,” said Alexandre Gonthier, Trustly’s chief executive officer. 

“With FedNow, we continue to advance Open Banking Payments, giving consumers the freedom and option to use their bank accounts as the centres of commerce. We remain committed to driving innovation and shaping the future of Open Banking payments, and the addition of FedNow adds to our rapidly-growing network of account-to-account capabilities.”

Together, Trustly and Cross River Bank processed nearly 10% of the total Real-Time Payments network transactions between the fourth quarter of 2022 and the fourth quarter of 2023.

Gilles Gade, founder and chief executive officer of Cross River, added: “We are proud to expand our real-time payment services with Trustly, furthering our commitment to advance the adoption and efficiencies of instant payments, empowering businesses and consumers with seamless and instant access to their funds.

“Together, we have demonstrated that responsible innovation created a paradigm shift through our proprietary network interoperability and singular endpoint.”

The FedNow service went live in July last year, operating alongside other longstanding Federal Reserve payment services such as Fedwire and FedACH.

“The Federal Reserve built the FedNow Service to help make everyday payments over the coming years faster and more convenient,” said Federal Reserve chair Jerome Powell at the time.