Cross River Bank, a company that provides technology services for financial solutions, has revealed that it will be collaborating with Plaid, a data network that supports the digital financial ecosystem. Together, they aim to offer diverse payment options to businesses and their customers in the United States.
Head of Fintech Banking at Cross River, Adam Goller, said:
Expanding our relationship with Plaid to power their real-time offerings is a significant milestone in our commitment to driving financial innovation, and ensuring faster, secure, and seamless payment experiences. By combining the strengths of our proprietary banking core and advanced API technology with Plaid’s expertise in financial technology tools, millions of Plaid customers will have access to their money when and where they need it.
Plaid has selected Cross River as its initial financial partner for implementing Plaid’s real-time solutions. This decision was based on their existing partnership and Cross River’s unique API technology and creative solutions.
With Cross River’s API-based core, it allows for a direct, efficient, and smooth connection to multiple payment networks, including ACH, RTP®, and soon the FedNowSM Service.
Head of Payments at Plaid, John Anderson, said:
Real-time payments can deliver significant efficiency and cost benefits to businesses and help them deliver amazing new experiences for consumers by delivering money when and where they need it. We are excited to expand our relationship with Cross River to deliver innovative real-time payment solutions on top of its API-based processing core.
The partnership introduced a new feature called Instant Payouts on Plaid Transfer. This feature allows businesses to quickly send and receive funds in real-time. Plaid Transfer handles bank transfers and payments, giving businesses the ability to authorize payments, assess risk, and transfer money all in one place. It also provides information on whether an account is eligible for instant payouts.
If an account doesn’t qualify, businesses can still process the payment through ACH without causing any confusion for their customers.
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