Cross River Bank takes over analysis company PeerIQ
The CRB Group has acquired PeerIQ, a data and risk analysis company that helps credit institutions analyze, assess and manage risks. CRB, based in Fort Lee, New Jersey, is the parent company of Cross River Bank, a state-chartered community bank.
In a press release, CRB said the deal would build on what Cross River has to offer by adding PeerIQ’s analytics to its overall package – “ultimately, providing more transparency to the market and to the market. ‘industry as a whole “.
Cross River is a member of the Federal Deposit Insurance Corp. (FDIC), which protects most bank deposits in the event of financial institution (FI) default. FDIC insurance covers $ 250,000 per depositor, per insured bank.
“Cross River is constantly adapting to the changing landscape of financial services with an insatiable thirst for innovation,” said Gilles Gade, founder and CEO of the bank. He said the acquisition would make the bank an “even more compelling” choice.
“With this acquisition, Cross River’s customers, partners and industry will be able to access PeerIQ’s industry-leading analytics,” said Ram Ahluwalia, Founder of PeerIQ.
The statement said PeerIQ was founded to “bridge the gap between originators, lenders and capital markets” as technology advanced in the lending industry. The company offers cash flow analysis, portfolio management tools, reporting services and independent risk perspectives.
Jesse Honigberg, Chief Technology Officer at Cross River, spoke with PYMNTS about Real Time Payments (RTPs), which are initiated and settled almost instantly. To implement this technology, companies must meet certain requirements. The clearinghouse will therefore certify them for the use of the system.
“Network integration required certification in multiple environments, with several different test cases,” Honigberg said. “It was a hell of a job. He said financial institutions should “be prepared for some complexity, but with the right level of technical skill it can be done.”
A real-time payment “rail” is the digital infrastructure that facilitates these payments. Such configurations generally process transfers 24 hours a day. Financial players can either integrate directly into payment rails or access them through third parties who already have these integrations.