Money Movement Automation Platform Astra Partners with Core Infrastructure Financial Services Company Cross River Bank, to Give FinTech Developers the Power to Use Debit Card Payment Rails to fund accounts and facilitate deposits.
Astra’s first card-to-card instant payment API gives FinTech developers the ability to easily integrate card-to-card transfers into their own application without the need for additional infrastructure, according to one. Press release Thursday (December 16).
See also: Payment approved, partner of Cross River Bank for better payment options
The new features are part of the strategic partnership between Cross River Bank and Astra, both of which are working together to ensure that the critical infrastructure in place will facilitate finance accounts and make deposits via debit card rails.
“Astra’s new Instant Payment API gives fintech developers the ability to easily integrate card-to-card transfers into their own app, for the first time without the need for additional infrastructure. The funds are instantly applied to the destination card, ”said Gil Akos, CEO of Astra, Inc.
“Never before have developers been able to take advantage of card payment rails like Visa to instantly transfer money between debit cards,” he added.
Read more: Cross River Acquires SaaS Provider Betterfin, Advances API-Based Platform
The new solution takes advantage of the FinTech advantage of having multiple payment options to choose from when processing Account-to-Account (A2A) transactions through ACH or traditional card processing services.
The new solution also allows developers to automatically process a transaction from one debit card to another, without the need for settlement accounts or developing reconciliation transactions.
Astra’s secure API integration is also PCI-compliant by default and guarantees developers limited liability for sensitive card data, the statement said.
“Astra chose to partner with Cross River to develop this innovative solution and with our new product we can leverage Cross River’s experience and combine it with our risk mitigation and automation work to make faster transfers over the debit network more streamlined and efficient. than ever before, ”said Sam Morgan, COO of Astra, Inc.