Plaid Ventures Ahead as Pioneer in Implementing Cross River's Novel 'Payment Request' Functionality
Cross River Bank, a leading player in the digital banking sector, has announced the launch of a new feature called Request for Payment (RfP) for instant payment capabilities. This innovative solution is built on Cross River's proprietary API-based banking core infrastructure, COS, and is set to revolutionize the way businesses manage inbound money movement.
The RfP feature is designed to streamline inbound money movement and enhance funding agility across the Real-Time Payments (RTP) network. By allowing businesses to instantly fund digital wallets and accounts, RfP aims to reduce operational friction from delayed deposits and improve customer experience with smooth, real-time pay-in options.
Cross River Bank's commitment to modernizing financial services is evident in this latest offering. The new RfP capability reflects the bank's mission to build a more inclusive and modern financial system, where speed and safety go hand in hand.
Adam Goller, executive vice president and head of fintech banking at Cross River, stated that RfP is a smarter, more flexible way to receive incoming funds. This critical layer of security and trust improves the user experience on both ends of the exchange, prioritizing security, transparency, and compliance.
Plaid, a leading technology company in the payments industry, will be the first to implement the RfP feature. With this integration, Plaid's bank payments platform, Plaid Transfer, will offer instant pay-ins for businesses, eliminating friction caused by traditional bank transfers. This move is expected to accelerate funding and boost conversion, as noted by Brian Dammeir, global head of payments and financial management at Plaid.
Cross River Bank moves over $1 billion monthly in real-time disbursements across RTP and FedNow combined. The bank's involvement in this cutting-edge technology is set to benefit a wide range of businesses, particularly those in the e-commerce sector.
Cross River Bank will also be one of the first financial institutions to support RfP on the RTP network. The bank has also recently launched an automated sweep feature for BaaS clients, further expanding its suite of real-time financial tools.
While the specific benefits of the RfP feature for businesses and end users are yet to be fully detailed, the potential for improved cash flow management, reduced payment delays, and enhanced reconciliation is clear. As more information about this innovative solution becomes available, it is expected that Cross River Bank's RfP will play a significant role in shaping the future of digital payments.
- Cross River Bank's new Request for Payment (RfP) feature, built on their proprietary API-based banking core infrastructure, COS, aims to revolutionize the way businesses manage inbound money movement by streamlining it and enhancing funding agility across the Real-Time Payments (RTP) network.
- RfP is a smarter, more flexible way to receive incoming funds, prioritizing security, transparency, and compliance, as stated by Adam Goller, executive vice president and head of fintech banking at Cross River Bank.
- Plaid, a leading technology company in the payments industry, will be the first to implement the RfP feature, offering instant pay-ins for businesses, eliminating friction caused by traditional bank transfers.
- Cross River Bank's involvement in this cutting-edge technology, such as the RfP feature and the automated sweep feature for BaaS clients, is set to benefit a wide range of businesses, particularly those in the e-commerce sector.
- As more information about Cross River Bank's RfP feature becomes available, it is expected to play a significant role in shaping the future of digital payments, with potential benefits including improved cash flow management, reduced payment delays, and enhanced reconciliation.
