Pioneering Transaction Bank to Leverage Ripple for Instant, Cross-Border Money Transfers
TEANECK, NJ–(Marketwired – Sep 24, 2014) – Cross River Bank is one of the first U.S.-based banks that will use the Ripple protocol to offer its business and personal banking customers real-time international payments between the U.S. and Western Europe. With Ripple, Cross River Bank will integrate the most advanced settlement infrastructure for instant, secure, compliant, and dramatically more affordable cross-border money transfer services.
Cross River Bank is an FDIC-insured, technology-enabled transaction bank applying compliance and traditional banking rules to innovative fintech and financial services companies. Through transformative technologies like Ripple, Cross River offers clients a modern banking experience that is safer and more efficient than ever before. Cross River Bank will join Fidor Bank and other financial institutions on the Ripple protocol.
“Our business customers expect banking to move at the speed of the Web, but with the security and confidence of the traditional financial system,” said Gilles Gade, president and CEO of Cross River Bank. “Ripple will help make that a reality, enabling our customers to instantly transfer funds internationally while meeting all compliance requirements and payments rules. We are excited to be amongst the very first banks in the U.S. to deploy Ripple as a faster, more affordable and compliant payment rail for our customers.”
Ripple is an Internet protocol that enables financial institutions to securely transfer funds in any currency in real time. Banks, money transmitters and clearing houses can use Ripple as settlement technology to facilitate straight-through processing and increase access to liquidity with no reserve funding required. Ripple was created to enable the world to move value as easily as information moves today.
“The world of financial services is changing at light speed, and it is critical that innovators have access to tools like Ripple and partners like Fidor and Cross River Bank to meet their unique banking needs,” said Chris Larsen, CEO and co-founder of Ripple Labs, the company that created Ripple. “We are excited to work with Cross River Bank to extend the Ripple protocol throughout the U.S. banking community and to ultimately help improve the financial lives of American businesses and everyday Americans.”
For more information about Ripple, please visit http://www.ripple.com.
About Cross River Bank
Cross River Bank is an independent community bank catering to the needs of its personal and business customers with a steadfast commitment to best practices in compliance and innovation. For personal customers, the bank is focused on quality product offerings and exceptional service and support. For lenders, payments companies, and other business customers, the bank’s seamless integration of technology and compliance offers a secure and efficient platform for growth.
Cross River Bank is an FDIC insured commercial bank chartered in New Jersey. To learn more, visit http://www.crossriverbank.com.
About Ripple Labs
Ripple Labs developed the Ripple protocol, which makes transacting as easy as emailing. The San Francisco-based startup is funded by Google Ventures, Andreessen Horowitz, IDG Capital Partners, FF Angel, Lightspeed Venture Partners, The Bitcoin Opportunity Fund and Vast Ventures.
The software company’s team of 60 is comprised of deeply experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They contribute code to the protocol and create tools to enable businesses of any size to easily build payment solutions and accelerate the movement of money globally. The team shepherds a movement to evolve finance so that payment systems are open, secure, constructive and globally inclusive.
Ripple Labs was named one of the 50 Smartest Companies for 2014 by MIT Technology Review.
Ripple is an open-source, distributed payment protocol. It enables the free and instant transfer and exchange of any type of value — including dollars, yen, euros, and even loyalty points. Businesses of any size can easily build payment solutions, such as banking or remittance apps, and accelerate the movement of money on Ripple. Ripple enables the world to move value like information moves today. For more information about Ripple, please visit http://www.ripple.com.