Plaid and Cross River partner to offer real-time payments in the US
Cross Riverbank, a technology infrastructure provider that offers embedded financial solutions, has announced the expansion of its partnership with Plaid, a data network helping the digital financial ecosystem, to deliver multi-rail payment solutions to US businesses and their customers.
“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.”
Adam Goller, Head of FinTech Banking at Cross River.
Plaid chose Cross River to support Plaid’s real-time solutions because of the company’s ongoing relationship with Cross River’s proprietary API technology and innovative solutions. Cross River’s proprietary API-based core creates direct, efficient, and simplified connections to multiple payment networks ACH, RTP, and upcoming FedNow service.
“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.”
John Anderson, Head of Payments at Plaid.
The partnership’s first real-time offering is Instant Payouts on Plaid Transfer, a real-time multi-channel payment solution for instant deposits and payments. Plaid Transfer manages bank transfers and payments, allowing businesses to receive payment authorization, risk analysis, and transfer funds, all in a single API.
It also provides instant payment eligibility information. Businesses can seamlessly route transactions to ACH without complicating their customers if the account is not eligible for Instant Payments.
