24/7 Internal Settlement
24/7 Internal Settlement is Cross River's new payment facility, which allows customers to send payments within our network, to each other, 24/7/365. Transactions are processed quickly, within about 15-30 minutes.
To be able to use this transaction type customers and their counter-parties must hold a Cross River Deposit Account.
This payment type is only available for payments made from a Cross River account to another Cross River account. This feature must be configured at account level.
Standard ACH transaction fees apply to 24/7 Internal Settlement transactions.
To send an 24/7 Internal Settlement payment, follow the steps in Payments.
This transaction type uses ACH payment rails, but Cross River will process these transactions On-Us, if they are between two parties on our network. It is different from traditional ACH payments as the funds stay within our bank, which removes additional processing time required when funds are transferred between different financial institutions.