Trustly and Cross River Bank Pioneer FedNow Transactions and Solidify Leadership in Instant Payments
Trustly, the global leader in Open Banking Payments and Cross River Bank, proudly announces that it is now live and processing payments on FedNow for all of the merchants currently powering their payments via Trustly’s Open Banking platform. This achievement reaffirms both companies' positions as pioneers and frontrunners for instant payments in the United States.
The strategic partnership between Trustly and Cross River gives merchants unparalleled access to fast and seamless transactions through FedNow. By actively processing transactions on the FedNow platform, Trustly and Cross River extend their reach to provide merchants with enhanced bank coverage, further expanding their reach in delivering instant payment accessibility.
Both Trustly and Cross River continued their upward trajectory with substantial growth in RTP® (Real-Time Payments) volume from Q4 2022 to Q4 2023, witnessing a remarkable increase of 215.63% in Total Transaction Volume (TTV) and 229.14% in Total Processed Volume (TPV), which significantly outpaced the RTP® network’s growth. Moreover, Trustly, in collaboration with Cross River Bank, processed nearly 10% of the Total RTP Network transactions. Even with this tremendous leap in growth, Trustly continues to sustain a market-leading high RTP® approval rate of 99.7%.
This exceptional approval rate and instant payments growth underscore Trustly and Cross River’s unwavering commitment to reliability, efficiency, and customer satisfaction. Both partners continue to set the standard for excellence in real-time payment processing and continue to carry this standard into its future on the FedNow rail.
“With Cross River, we are thrilled to pioneer FedNow transactions, marking yet another milestone in our journey as leaders in instant payments,” says Alexandre Gonthier, CEO of Trustly, Inc. “we remain committed to driving innovation and shaping the future of instant payments throughout the nation."
“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,” said Gilles Gade, Founder and CEO of Cross River.
