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Pana to Deliver an Innovative Digital Banking Experience to Hispanic in USA

Pana | February 24, 2022

Pana, a Latino-focused neobank, has announced joining Visa’s Fintech Fast Track program. It has joined intending to speed up integrating with Visa, a world leader in digital payments. Pana with Visa can easily leverage the capabilities, reach, and security measures that VisaNet offers. VisaNet is the company’s global payment network, which will further issue Fast Track to Pana to address key pain points of Hispanics in the USA for managing banking services.

“Among the Hispanic community, banking is a group thing — it is experienced through a communal approach to expenses and family sharing,” said Pana’s CEO & co-founder PieroNúñez-del Risco. “That’s why we are building an easy to open digital bank account through which users with shared needs can connect and perform basic banking transactions currently outside their reach.”

Piero, former Head of Scotiabank’s Digital Factory in the Caribbean and Central America, and Luis Peña, leads the team having a proven track record in digital banking and technology. Furthermore, Visa’s Fintech Fast Track Program will provide Pana with the ability to access Visa’s rising partner network, which will guide in helping them get up and running in the most efficient way possible.

By joining Visa’s Fast Track program, exciting Fintechs like Pana gain unprecedented access to Visa experts, technology, and resources. Fast Track lets us provide new resources that are rapidly growing companies need to scale with efficiency.”

Terry Angelos, SVP and Global Head of Fintech, Visa,

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FINANCIAL MANAGEMENT, PAYMENTS

Cross River and Pay.com Partner to Create All-Inclusive Payments Platform for Businesses

Businesswire | March 23, 2023

Cross River Bank (“Cross River”), a leading technology infrastructure provider that offers embedded financial solutions, today announced a new partnership with U.K. based Pay.com. This partnership will enhance and expand Pay.com’s automated payment platform into the U.S. and drive additional growth opportunities. “Cross River’s comprehensive compliance, payments and technology infrastructure increases the safety, efficiency and scalability that our partners have come to expect,” said Gilles Gade, Founder, President and CEO of Cross River. “Our partnership with Pay.com enables them to scale and reach new markets.” The partnership enables Pay.com’s current and future merchants to accept multiple payment methods, such as credit and debit cards, as well as alternative payment methods such as digital wallets, ACH transfers and more, all via Cross River’s one-stop-shop. Cross River’s API infrastructure provides Pay.com the ability to streamline and provide customer-centric payments capabilities, facilitating closed loop embedded financial solutions for merchants and businesses. "Our partnership with Cross River is a testament to our commitment to providing merchants with a comprehensive payment solution,” said Assaf Cohen, CEO of Pay.com. “With their regulatory infrastructure and expertise in embedded finance, we can scale our business and offer merchants access to the latest payment technologies." According to Verified Market Research, the embedded finance market size is expected to grow to $6.943 trillion by 2030, and fintechs are in need of simplified embedded finance systems that deliver exceptional customer experiences. Cross River and Pay.com lead with a solution-driven approach and have been partners since July 2022. Cross River’s expertise, technology and regulatory infrastructure will help build and scale Pay.com’s business in the U.S., providing increased capabilities for businesses. About Cross River Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com. About Pay.com Pay.com is an innovative payment service provider, providing flexible, customizable, and scalable solutions. Pay.com enables enterprise leaders to effortlessly manage large payments and achieve their boldest visions, while empowering smaller merchants to reach new heights of success through seamless, fast, and user-friendly payment solutions. Pay.com’s commitment to inclusivity drives the company to bring unparalleled ease, simplicity, and speed to the global payment space.

FINANCIAL MANAGEMENT, FINTECH

Cross River and FinClusive Partner to Strengthen the Fintech Ecosystem and Increase Responsible Access to Financial Services

Businesswire | April 04, 2023

Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded financial solutions, today announced a partnership with FinClusive, a global Compliance-as-a-Service (CaaS) infrastructure provider for financial services, to provide account and payment services to advance secure and compliant access to the financially underserved. “Regulatory compliance, responsibility and transparency are central to Cross River, and we continue to expand our partnerships with technology leaders focused on increasing financial access,” said Gilles Gade, Founder, President and CEO of Cross River. “Both Cross River and FinClusive share fundamental values and a compliance-driven approach.” Cross River is a strong advocate for regulatory modernization in order to create clear guidelines and standards in the fintech industry without compromising accessibility to safe, sound, compliant and affordable financial services. FinClusive’s comprehensive Compliance-as-a-Service (CaaS) technology enables fintechs to grow in a responsible manner. Cross River remains focused on partners who share a forward-looking and streamlined compliance approach, ultimately strengthening the broader fintech ecosystem. FinClusive and Cross River partnered to bring expanded payment optionality to FinClusive’s platform earlier this year. "In an uncertain industry environment—with ongoing challenges impacting both traditional and alternative financial services providers—this partnership is another example of our unwavering commitment to accountability and responsible governance within the financial system. Our partnership provides local communities with much-needed, reliable access to comprehensive compliance capabilities and demonstrates our shared commitment to innovation and compliance in tandem," said Amit Sharma, CEO of FinClusive. FinClusive’s unique CaaS application and digital gateway embeds compliance-backed identity credentials into network transactions and enable both the secure onboarding of new clients, as well as continuous validation and verification downstream. This creates both cost and process efficiencies while ensuring application of global financial crimes compliance standards across any payment rail, traditional or alternative. Together, Cross River will provide enhanced payment capabilities, connectivity to the U.S. banking system and community access, while FinClusive will ensure the necessary consumer and business protections inherent to preserving financial system integrity. The FinClusive leadership team consists of senior executives from global financial institutions, technology companies, federal government and financial regulatory agencies, and international law firms. CEO of FinClusive, Amit Sharma, previously served as Chief of Staff to the Deputy Secretary and Senior Advisor, Terrorism and Financial Intelligence of the US Dept of Treasury. The company’s compliance enabled credentialing environment platform was designed and built by Dennis Paige, CTO and a cofounder of FinClusive. Previously he served as senior examiner for technology and risk at the Federal Reserve Bank of New York and prior to the NY Fed, was the security architect and program manager for the Security & Fraud, Payments & Cash Management Unit at HSBC, and also ran security architecture at the New York Stock Exchange (NYSE). Co-founder, board member and legal counsel, John A. Squires, established FinClusive’s financial partner engagement platform. Mr. Squires was previously chief intellectual property counsel for Goldman, Sachs & Co. and co-founder of Regulatory DataCorp – now part of Moodys, He is also a principal drafter of the global compliance and inclusive finance working group’s The Rulebook, an open-source set of technology standards and self-regulatory best practices to increase safe, secure and compliant access to the global financial system. About FinClusive FinClusive is a global Compliance-as-a-Service (CaaS) infrastructure provider that enables increased financial engagement by facilitating traditional banking’s connectivity with emerging technology networks, existing and alternative payment rails and financial services providers. FinClusive’s, full-stack, financial crimes compliance/anti-money laundering Compliance-Enabled Credentialing Environment (CECE ™) platform and its Gateway seamlessly embed digitally verifiable compliance credentials into both the customer onboarding and transacting processes. This allows its banking and payment partners to confidently demonstrate compliance with global banking standards, while expanding their services and engagement to businesses, communities and alternative technologies that have been traditionally underserved or unwelcomed within in the global financial system. Learn more at www.FinClusive.com. About Cross River Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, and lending solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.

FINANCIAL MANAGEMENT, INVESTMENT MANAGEMENT

CSI Adds IT Governance to Advisory Services Offering as Cybersecurity, Regulatory Landscapes Grow in Complexity

Businesswire | April 28, 2023

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