Cross River plans to expand what it offers merchants by acquiring Accrue, a wallet technology company for which it already provides banking services.

The deal would combine the bank’s regulated infrastructure with a product that lets consumers store money, receive rewards and make purchases through a merchant’s website or app.

CRB Group, the parent of Cross River Bank, has agreed to acquire Accrue for an undisclosed sum. The transaction is subject to customary closing conditions.

According to Accrue's programme terms, the bank holds customers' deposited funds and issues the linked Visa debit card. Accrue supplies the interface that merchants embed in their websites and apps. In effect, Cross River is buying the customer-facing layer of a product it already helps run.

Customers fund Accrue Balance from a bank account or card and spend it with the participating merchant. The wallet shows rewards and refunds next to deposited funds, so customers can see what they have available at checkout.

For merchants, the main draw is keeping the money after a return. A customer can take a refund into the branded balance instead of back to the original payment method, then spend it on another purchase.

“Payments and loyalty are becoming one,” said Gilles Gade, Founder and CEO of Cross River. “Every brand wants its own wallet, and with Accrue, all of our clients can now build one on our platform.

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