SAN FRANCISCO--(BUSINESS WIRE)--Astra, Inc. (“Astra”), the automation platform for money movement, today announced the launch of its first-ever card-to-card instant payment API. Through a strategic partnership with Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, Astra is providing the critical infrastructure that will, for the first time, enable fintech developers to fund accounts and facilitate deposits via the debit card payment rails.
“Astra’s new instant payment API gives fintech developers the ability to easily embed card-to-card transfers into their own application, for the first time without the need for any 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 leverage card payment rails like Visa to instantly transfer cash between debit cards. We are extremely excited about the product innovations our team, together with Cross River, have been able to build on our platform that will transform the industry.”
Financial technology products have the ability to choose several payment options when processing account-to-account (A2A) transactions via ACH or traditional card processing services. With this new solution, developers can process a transaction instantly, directly from one debit card onto a second debit card, without the need for settlement accounts or developing reconciliation operations. The solution is also PCI compliant by default. Astra’s secure API integration ensures developers will have limited liability for sensitive card data.
“Astra chose to partner with Cross River to develop this innovative solution and with our new product, we can leverage the experience of Cross River and combine it with our work in risk mitigation and automation to make fast transfers on the debit network more streamlined and efficient than ever before,” said Sam Morgan, COO of Astra, Inc.
Cross River provides leading technology and deep banking expertise which has become the foundation on which dozens of partners build their ecosystems and fuel their brands. This partnership will add new functionality to Astra’s payments API while increasing the speed of transfers and the accessibility of the debit card system for developers across the United States, all through Cross River’s comprehensive, one-stop-shop platform that provides streamlined access to the payment rails, core infrastructure, and a robust compliance framework.
“We are excited to partner with Astra as they bring their innovative payments solution to market,” said Keith Vander Leest, Director of Payments at Cross River. “Cross River’s payments and banking API infrastructure allows fintechs like Astra to create value for their clients. Gil, Sam, and the entire Astra team have created a unique and differentiated way to move money, leveraging our core competency in card payments.”
About Astra
Astra is a leading provider of advanced bank-to-bank transfer technology for financial institutions, fintechs, and enterprises. With headquarters in San Francisco, the company was founded in 2016 by co-founders Gil Akos and Sam Morgan. Astra’s proprietary, vertically integrated API allows developers to easily embed financial automation within their existing products. For more information, visit https://astra.finance.
About Cross River
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
