Source: Fintech Futures

Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, announced the launch of its automated sweep feature using the IntraFi Cash Service. The capability will enable Cross River’s Banking-as-a-Service (BaaS) clients to access millions in aggregate FDIC insurance coverage across network banks for their end customers, providing a seamless, automated solution for managing large deposits.

Through a unique API-enabled integration with Cross River’s proprietary banking core (COS), BaaS clients can now access this differentiated feature and offer end customers the ability to effortlessly sweep their excess funds into IntraFi® network banks within its extensive network. This feature allows BaaS clients to access millions in aggregate FDIC-insurance coverage (per ownership category) across network banks while also reducing the administrative burden of manually distributing funds across multiple institutions.

“Cross River is committed to providing our clients with the tools they need to stay ahead in an evolving financial landscape,” said Adam Goller, EVP 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.”

Read the full article: https://www.fintechfutures.com/techwire/cross-river-launches-service-to-access-fdic-insurance-coverage-on-large-deposits-through-api-enabled-automated-sweeps-using-the-intrafi-cash-service/