RS2 plc - Award of a Major Contract

On 30 April 2019, RS2 Software plc announced that RS2 Software Inc. (which is the company’s subsidiary in the US with a 64.2% shareholding interest) has concluded a major agreement for managed services with Cross River Bank. The latter is a leading innovator and provider of banking services for financial technology companies.

Through the agreement, RS2 and Cross River Bank will work together to improve payment processing and enable push and pull transaction capabilities. The partnership will allow both physical and virtual merchants to receive settlement funds faster than waiting for traditional settlement periods. Fintech companies will also benefit from Cross River’s robust regulatory compliant platform that will enable companies to focus on innovating beyond legacy systems to create efficient card processing and banking capabilities and enable users to receive funds faster.

Commenting on this latest development, the CEO of RS2 North America Ms Daniela Mielke explained that “RS2 embraces the complex elements of payments – multiple channels, payment types, countries and currencies – and transforms them into opportunity, growth, and innovation.” Ms Mielke also added that “Cross River is an ideal, like-minded partner as they view the transformation of banking as a catalyst for offering breakthrough products and services, as well as unique payment capabilities that drive superior payments, thereby allowing businesses to optimize customer experiences and minimize the time, effort, and costs associated with managing their payment practices.”