Cross Riverbank, a US-based technology infrastructure provider specializing in embedded finance solutions, has launched a new automated sweep feature powered by IntraFi Cash Service. This functionality enables Cross River’s Banking-as-a-Service (BaaS) clients to offer their end customers access to millions in aggregate Federal Deposit Insurance Corporation (FDIC) insurance coverage across a network of banks, simplifying the management of large deposits.
The automated solution, accessible via an API-enabled integration with Cross River’s proprietary banking core, allows BaaS clients to automatically sweep excess customer funds into IntraFi network banks. This eliminates the administrative burden of manually distributing funds across multiple institutions.
By embedding this feature into existing financial platforms through Cross River’s APIs, BaaS clients empower their end customers to protect substantial deposits by accessing FDIC insurance coverage across multiple banks.
Cross River highlights the service’s value for fintech companies that hold large customer balances or process high-volume transactions. The automated sweep feature makes these funds eligible for FDIC insurance protection while maintaining customer access and interest accrual. End customers can also review proposed deposit placements and exclude banks where they already have established relationships.
“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.”
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