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.
âCross River is constantly adapting to the changing landscape of financial services with an insatiable thirst for innovation,â said Gilles Gade, founder and CEO of the bank. He said the acquisition would make the bank an “even more compelling” choice.
âWith this acquisition, Cross River’s customers, partners and industry will be able to access PeerIQ’s industry-leading analytics,â 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.
âNetwork integration required certification in multiple environments, with several different test cases,â Honigberg said. âIt 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.
NEW PYMNTS DATA: FOCUS ON AI: THE BANK’S TECHNOLOGICAL ROADMAP
About the study: The AI ââIn Focus: The Bank Technology Roadmap is a research and interview report examining how banks are using artificial intelligence and other advanced IT systems to improve credit risk management and other aspects of their operations. The Playbook is based on a survey of 100 banking executives and is part of a larger series assessing the potential of AI in finance, healthcare and others.