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Plaid and Cross River partner to offer real-time payments in the US

By Delisha Fernandes

July 31, 2023

  • Cross Riverbank
  • Embedded Financial Solutions
  • Fintech news
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plaidCross 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,” said Adam Goller, Head of FinTech Banking at Cross River. “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 to support Plaid’s real-time solutions due to the companies’ ongoing 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.”

The first real-time offering from the partnership was Instant Payouts on Plaid Transfer, a real-time, multi-rail payout solution to send and settle funds instantly. Plaid Transfer manages bank-linked transfers and payments, allowing businesses to obtain payment authorisation, analyse risk, and move money – all within a single API.

It also provides intelligence on instant payout eligibility. Companies can seamlessly route the transaction to ACH without surfacing complexity to their customers if an account is not eligible for instant payouts.

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