Cross River Bank, a technology infrastructure provider that offers embedded financial solutions, and MassPay, a 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.”
Jeff Katz, Co-founder and CEO at MassPay said:
“Partnering with Cross River to transform instant payments is a significant step for our company, our partners, and our clients. 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.”
Keith Vander Leest, Head of Payments at Cross River said:
“We are thrilled to work with MassPay to enhance the domestic instant payment landscape. 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.”
