Cross River integrates Ripple’s RLUSD into its core banking system
The partnership will expose stablecoin payments alongside ACH, wires and real-time payments through a single API for eligible fintech customers.
Cross River Bank announced October 15 that it would integrate Ripple's U.S. dollar-backed stablecoin, RLUSD, into its proprietary Core Operating System. The integration is designed to make RLUSD payments available alongside ACH, wires and real-time payments through a single API for eligible fintech customers.
The companies said the connection uses the XRP Ledger for 24/7 cross-border movement and settlement. Cross River customers would not need to build their own blockchain infrastructure to access the stablecoin rail, according to the announcement.
Putting a stablecoin option beside traditional payment methods can simplify a fintech's integration work, but it does not remove the need to manage conversion, custody, sanctions screening, transaction monitoring, redemption and dispute processes. The appropriate rail will still depend on the recipient, jurisdiction and use case.
The service is initially available only in a limited number of U.S. states. Cross River and Ripple did not announce a nationwide rollout date, customer-volume forecast or a guarantee that every existing Core Operating System customer will be eligible at launch.