Cross River Adds Ripple’s RLUSD to Core Banking Platform

Cross River Bank announced on Oct. 15 that it is integrating Ripple’s RLUSD stablecoin into its Core Operating System, adding an XRP Ledger payment option that fintechs can access through one API. The bank said the integration lets businesses use stablecoin payments alongside traditional payment rails; Cross River’s announcement said customers can access RLUSD without building their own blockchain infrastructure.

How will fintechs use RLUSD through the platform?

Cross River says fintechs will be able to move between U.S. dollars and RLUSD, and use the stablecoin for cross-border payments and treasury transfers around the clock. Those services will sit alongside ACH, wires and real-time payments through a single banking platform and API, according to PYMNTS’ report on the integration.

Cross River described RLUSD as an additional payment rail for issuers and acquirers, giving them another way to settle during the day and reduce settlement delays. Adam Goller, the bank’s head of fintech banking, said the integration builds on Cross River’s existing stablecoin infrastructure.

What does the XRP Ledger add?

The integration uses the XRP Ledger, where Cross River says transactions settle in three to five seconds and can move 24 hours a day, seven days a week. Cross River also said the network had settled more than $1.3 trillion in value to date.

RLUSD had a market capitalization above $2.5 billion, with more than $1 billion issued on the XRP Ledger, according to Cross River. The bank said the service is currently available only in limited states.

Source material

• Cross River’s announcement — crossriver.com
• PYMNTS’ report on the integration — pymnts.com