Fort Lee-based fintech Cross River Bank announced Thursday the expansion of its partnership with Plaid, a data network powering the digital financial ecosystem, to deliver multi-rail payment solutions to U.S. 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,” Adam Goller, head of fintech banking at Cross River, said. “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.”
As the world becomes increasingly connected and dependent upon speed, businesses and consumers alike expect real-time, on-demand payment services. Plaid chose Cross River as the first financial institution to support Plaid’s real-time solutions due to the companies’ on-going relationship and Cross River’s proprietary API technology and innovative solutions.
Cross River’s proprietary, API-based core creates a direct, efficient and streamlined connection to multiple payment networks – ACH, RTP, and soon the 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,” said John Anderson, head of payments at Plaid. “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.”