Astra’s innovative instant payout solution powered by Cross River and Visa Direct is rapidly surpassing $100MM in annual gross payment volume
Since May 2022, fintech developers have leveraged the Astra platform to annually process over 650,000 real-time debit card transfers for all kinds of use cases
SAN FRANCISCO, February 23, 2023–(BUSINESS WIRE)–Astra (Astra, Inc.), the money movement automation platform, today announced the success of its Instant Payment solution leveraging the Visa Direct network. Through a strategic partnership with Cross River Bank (“Cross River”), a technology infrastructure provider offering embedded financial solutions, Astra delivers a first-of-its-kind infrastructure that enables fintech developers to process payments and disbursements via debit card payment rails. On an annual basis, the partnership already processes more than $100 million of annual gross payment volume (GPV) and 650,000 real-time transfers and plans to explore other collaborative solutions.
“With the extension of Astra’s instant payment APIs, fintech developers can easily embed push-to-card transfers into their own applications without having to deal with complicated settlement mechanics. Essentially, payments are settled in real-time, directly to the balance of the destination card ,” said Gil Akos, CEO of Astra. “Our customers continue to seek more instant payment options so they can offer a premium product experience to their users. By adding new, flexible solutions through Visa Direct and our partnership with Cross River, developers can achieve more of their product goals through our scalable infrastructure.”
Traditionally, fintech developers must select a payment gateway to match the specific payment type (“payment rail”), leading to multiple vendor integrations and increased operational complexity. With this new category of solutions developed by Astra, a payment can originate from any custody account and land directly as a credit on a debit card, increasing the efficiency and speed of transfers for both senders and receivers.
“We are constantly trying to expand the menu of payment options available to developers, and our partners at Cross River continue to be open and receptive to innovative solutions. Together, bringing this new payment type to market, powered by Visa Direct, enables yet another set of customers to use Astra’s API and our full-stack payments,” said Sam Morgan, COO of Astra.
Cross River merges the innovative offerings of a technology company with the established expertise of a bank. Its API-driven technology and proprietary banking core provide a comprehensive one-stop-shop platform. The New Jersey state-chartered, FDIC-insured financial institution is known for working with partners to deliver innovative embedded financial solutions. The two companies have been working together since Astra launched a point-to-point debit API, which increased the speed of transfers and accessibility of the debit card system to developers across the US.
“We are always looking for new ways to creatively collaborate with our partners to develop innovative solutions that solve inefficient pain points,” said Keith Vander Leest, Head of Payments at Cross River. “We are proud of our success with Astra, offering fintech developers a streamlined and expanded built-in payment option that provides true scalability.”
About Astra
Astra is a leading provider of advanced bank-to-bank transfer technology for financial institutions, fintech startups and enterprises. Headquartered 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 into their existing products. For more information, visit https://astra.finance.
About Cross River
Cross River offers technological infrastructure that powers the financial services of the future. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending and crypto solutions to millions of consumers and businesses. Backed by leading investors, Cross River serves the world’s most essential fintech and technology companies. Together with its partners, Cross River is transforming global finance and financial inclusion. Member FDIC. Find out more at www.crossriver.com.
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