Banking news roundup

Cross River Bank climbs past real-time payment transaction benchmark

Cross River Bank, a banking-as-a-service provider that makes loans through fintech lenders, announced this week that it had handled more than one million real-time payments. The Fort Lee, New Jersey, bank was an early participant in The Clearing House’s RTP rail, which it joined two years after its launch in 2017. It has since employed an Application Programming Interface backed infrastructure to process over nine-and-a-half million transactions in areas like health care, insurance, sports betting, wallet off-ramps, marketplace and real estate. The bank said it had reined in $500 million in RTP volume in May alone.—Charles Gorrivan