Cross River Bank launches automated sweep feature for BaaS clients
OpenBankingExpo | News
24 Jan 2025
US-based Cross River Bank, a technology infrastructure provider offering embedded finance solutions, has launched an automated sweep feature that uses the ‘IntraFi Cash Service’.
The new functionality will enable its Banking-as-a-Service (BaaS) clients to access millions in aggregate Federal Deposit Insurance Corporation (FDIC) insurance coverage across network banks for their end customers, helping them to manage large deposits.
BaaS clients will be able to access this new automated solution and offer end customers the ability to sweep their excess funds into IntraFi network banks via an API-enabled integration with Cross River’s proprietary banking core.
In addition, the feature reduces the administrative burden of manually distributing funds across multiple institutions.
The automated sweep feature can be embedded by BaaS clients into existing financial platforms via Cross River’s APIs, giving end customers the ability to protect large deposits by accessing FDIC insurance coverage across multiple banks.
According to Cross River, the service is particularly valuable to fintechs that hold large balance customer funds with Cross River, or that process large-volume transactions, because it is designed to make these funds eligible for the protection of FDIC insurance, while allowing their customers to access their deposits.
End customers can view proposed deposit placements, exclude banks where they have previously-established relationships, and maintain access to their funds while continuing to accrue interest on their deposits.
“Cross River is committed to providing our clients with the tools they need to stay ahead in an evolving financial landscape,” said Adam Goller, executive vice president and head of fintech banking at Cross River.
“Integrating an automated sweep feature from IntraFi directly into our offerings via APIs underscores the distinct value of our capability, enabling our clients to better serve their customers with greater peace of mind.”
Further reading: Trustly and Cross River Bank expand partnership with FedNow integration
