Cross River Bank has integrated Ripple's RLUSD dollar-backed stablecoin and XRP Ledger directly into its banking system, enabling financial technology companies to move money without building or managing their own blockchain infrastructure.
Unified Payment Access
Through a single connection, businesses can now access traditional bank transfers, automated clearing house (ACH) payments, wire transfers, and RLUSD transactions. The platform provides around-the-clock access to international payments, allowing companies to move between U.S. dollars and RLUSD without relying on multiple payment providers.
Adam Goller, Cross River's head of fintech banking, stated that the partnership eliminates the complexity of working with several different providers for global money movement.
Bridging Traditional and Blockchain Finance
Cross River Bank has established itself as a connection point between cryptocurrency companies and traditional finance through its Banking-as-a-Service model. Companies such as Coinbase and Circle have used the bank's technology to access established banking services.
The partnership allows businesses to access blockchain payments alongside traditional financial services without operating their own blockchain systems. Markus Infanger, senior vice president of RippleX at Ripple, noted that Cross River is bringing RLUSD and XRP Ledger's settlement capabilities into a regulated U.S. banking platform.
Limited Initial Availability
Cross River Bank stated that these services are currently available in only a limited number of U.S. states, though the partnership represents the first integration of RLUSD directly into a regulated U.S. bank's existing technology infrastructure.
