Cross River Bank, a tech-driven financial services organization that offers core infrastructure and embedded financial solutions, recently announced that it will be powering PayTile, a Fintech firm that provides location-based payments via their app.
PayTile is reportedly one of the first ever peer-to-peer (P2P) payment platforms that uses geo-location to “facilitate safe and private financial transactions between users without sharing users’ personal information.”
Via this partnership, Cross River will offer PayTile with core banking infrastructure and payments capabilities.
In an increasingly cashless society, PayTile’s P2P product protects users’ personal details during a digital transfer.
The PayTile app may be used as a payment method in scenarios where “using physical cash would be preferred (tipping the valet, buying furniture via Facebook Marketplace, or shopping at the farmers market).”
As noted in a release, the experience is somewhat similar to the iPhone’s “AirDrop” functionality–users can “send money to people nearby without the hassle of exchanging either party’s username, legal name, email or phone number with the recipient.”
PayTile is also introducing Money Drop, their proprietary tech that “takes the app beyond just P2P payments.”
Without any hardware, PayTile may digitally “place cash or other digital goods at an exact location for users to pick up and redeem.”
PayTile’s business partners plan to “use Money Drop to draw a physical crowd via incentives, whether that’s to sell discounted tickets at a stadium or to offer coupons to celebrate the opening of a brick-and-mortar establishment.”
Gilles Gade, Founder, President and CEO of Cross River, stated:
“Anu and the team at PayTile are revolutionizing peer-to-peer payments. By partnering with innovative companies like PayTile, Cross River creates real time solutions to empower consumers and their finances.”
Anu Vora, CEO of PayTile, remarked:
“PayTile’s mission is to make digital payments as private as cash and as safe as a card. While traditional P2P apps exist to pay the people you already know, PayTile exists to safely pay people you don’t know.”
Cross River’s tech is enabling the delivery of innovative financial solutions to consumers and businesses throughout the world.
Its infrastructure enables Fintech firms to “innovate and scale, all while maintaining a focus on regulatory compliance and consumer protection.”
As Cross River becomes PayTile’s banking partner, PayTile customers will use Cross River’s digital infrastructure and payments capabilities, like ACH, “to fund their PayTile wallets, and Push-to-Card to replace cash and move funds digitally.”
Consumers will be able to “send and receive money through mobile wallets powered by Cross River.”
As covered, Cross River is a financial services organization that “merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank.”