Aeropay, a U.S. pay-by-bank provider, announced the launch of Request for Payment (RfP) in partnership with Cross River Bank, a tech infrastructure provider that offers embedded financial solutions. This offering expands on the two companies’ current instant payment offerings and “enables U.S. businesses to accept instant consumer pay-ins via the RTP network, delivering faster payment experiences.”
Splash Sports, an online real money gaming platform, “will be the first customer of Aeropay to implement the capability to power real-time pay-ins.”
In the U.S., most card and digital wallet-based payments are settled within one to three business days, and ACH processing is “limited to business hours.”
These delays create cash flow disruptions and “increase the risk of failed or returned payments.”
With RfP, businesses can deliver a frictionless, “end-to-end payment experience—one that connects authorization, settlement, and confirmation in real time.”
The result is increased conversion rate, “fewer payment disputes and fraud incidents, and consumer confidence built on transparent, consent-driven transactions.”
Through Aeropay’s API, businesses can “initiate a payment request, which is delivered to the customer’s banking app for secure authorization.”
Once approved, funds are settled instantly with real-time confirmation.
RfP provides all parties with visibility into the transaction, “reducing the frequency failed payments.”
Cross River provides the technical and regulatory foundation “that makes this possible, serving as the financial institution enabling RfP origination and settlement through the RTP network.”
With Cross River’s real-time payment capabilities, businesses can use RfP to initiate “payment requests seamlessly and receive instant settlements around the clock.”
By combining RfP with Aeropay’s existing instant payout capabilities, businesses can “now power real-time money movement end-to-end, from deposits to withdrawals.”
The first industry focus will be online gaming platforms, “with additional verticals, including e-commerce and financial services, to follow.”
By adopting RfP, real-money gaming platform Splash Sports is “leveraging Aeropay’s integration with Cross River to offer instant consumer pay-ins and payouts.”
Players can now fund their accounts in real time and “without card fees—enhancing the user experience while improving cash flow for the platform.”
As noted in the update, Aeropay is a pay-by-bank provider “that powers instant, direct, and secure bank payments for businesses and their customers.”
With solutions spanning pay-ins and payouts, Aeropay helps merchants reduce costs, “improve cash flow, and enhance customer experiences.”