Cross River and MassPay Broaden Domestic Instant Payment Access, Simplifying Complex Real Time Payment Operations
July 09 2024 - 7:30AM
Business Wire
The companies expand access to RTP, FedNow and
ACH capabilities, solving the pain point of payments
orchestration
Cross River Bank (“Cross River”), a technology infrastructure
provider that offers embedded financial solutions, and MassPay, a
leading provider of payment solutions for businesses, are expanding
access to domestic instant payments. The collaboration is set to
significantly benefit industries facing complex real time payment
requirements including the gig economy, independent contractors,
restaurants / hospitality, marketplaces and more by streamlining
the intricacies associated with acquiring payments and making
payouts.
“Partnering with Cross River to transform instant payments is a
significant step for our company, our partners, and our clients,”
said Jeff Katz, Co-founder and CEO at MassPay. “Combining Cross
River's advanced API technology with MassPay’s global payout
infrastructure, enables us to broaden our payments offering and
truly deliver on the promise of global real-time payments. This
collaboration helps businesses offer their clients, contractors and
employees faster access to funds and a smoother payment experience.
Our combined expertise ensures businesses can grow easily while
providing users with the speed, reliability, and security they need
today.”
The rise of independent contractors, gig and creator economies
and online marketplaces has revolutionized the way people work and
transact, creating a growing demand for efficient, reliable, and
instant payment solutions. Together, Cross River and MassPay will
address this demand by ensuring seamless transactions, enhancing
the financial experience for both businesses and individuals. Cross
River’s advanced technological capabilities, particularly the
ability to route instant payments through a singular API, provides
network interoperability with intelligent routing, ensuring that
payments are processed quickly and reliably.
“We are thrilled to work with MassPay to enhance the domestic
instant payment landscape,” said Keith Vander Leest, Head of
Payments at Cross River. “Our cutting-edge API instant payment
technology, combined with MassPay’s expertise in payment solutions,
will deliver unprecedented value to businesses and individuals
operating as independent contractors or in gig and creator
economies and marketplaces.”
The collaboration offers a streamlined solution that will
increase optionality in instant payment offerings, provide users
with faster access to funds and reduce the waiting time for both
acquiring payments and receiving payouts. Cross River’s robust
technology infrastructure ensures high levels of reliability and
security, providing peace of mind for businesses and their
customers. Additionally, the integrated system is designed to scale
with the growth of businesses, making it an ideal solution for the
dynamic gig economy and expanding marketplaces.
This strategic expansion marks a significant step forward in the
evolution of payment solutions, broadening financial inclusion by
enabling more individuals and small businesses to participate fully
in the digital economy and providing them with access to instant,
reliable payment solutions.
About Cross River
Cross River provides technology infrastructure powering the
future of financial services. Leveraging its proprietary real-time
banking core, Cross River delivers innovative and scalable embedded
payments, cards, and lending solutions to millions of consumers and
businesses. Cross River is backed by leading investors and serves
the world’s most essential fintech and technology companies.
Leading the industry, Cross River is reshaping global finance and
financial inclusion. Member FDIC. Find out more at
www.crossriver.com.
About MassPay
MassPay's Instant Payout Solutions allow businesses to
seamlessly integrate and automate real-time payouts for both
individuals (B2C) and businesses (B2B) worldwide. Payees can select
their preferred payout method, ensuring flexibility and
convenience. With one simple API, an industry-leading Know Your
Business (KYB) process, and a trusted global financial partner
network, Instant Payouts can quickly become a part of your payment
operations. Learn more at www.masspay.io.
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Media Cross River Mackenzie DeLuca 201-808-7000 ext. 778
mdeluca@crossriver.com