Cross River Launches Request for Payment to Accelerate Real-Time Inbound Transfers
Cross River Bank, a leading provider of embedded finance solutions, has launched Request for Payment (RfP), a groundbreaking enhancement to its instant payment offerings. This feature streamlines inbound money movement across the Real-Time Payments (RTP)® network, offering faster and more reliable funding options. Plaid is the first partner to adopt RfP, enabling instant purchases via its bank payments platform, Plaid Transfer
1. The Challenge of Inbound Payment Speed
- Cross River moves over $1 billion monthly in real-time outbound disbursements through RTP® and FedNow.
- While outbound payments are instant, inbound funding traditionally relies on slower ACH and wire transfers.
- This delay creates inefficiencies and operational challenges for businesses.
2. Introducing Request for Payment (RfP) on RTP®
- RfP enables businesses to send secure digital payment requests.
- Payers can authorize and send funds instantly with enhanced control and visibility.
- This capability reduces the need for overfunding and constant balance monitoring.
3. Benefits for Businesses and End Users
- Enables instant funding of digital wallets and accounts.
- Reduces operational friction caused by delayed deposits.
- Enhances customer experience through smooth, real-time pay-in options.
- Provides real-time visibility into each transaction for better cash flow management.
4. Plaid’s Early Adoption and Use Case
- Plaid is the first to implement RfP, enabling real-time pay-ins for Carvana customers.
- Facilitates instant car purchases by eliminating delays from traditional bank transfers.
- Expands Plaid Transfer’s capabilities to include instant pay-ins, payouts, and Same Day ACH.
5. Secure, Transparent, and Compliant Design
- Built on Cross River’s API-based COS banking core infrastructure.
- Each RfP requires explicit authorization from recipients, ensuring control and security.
- Transparency and compliance are embedded to maintain trust and regulatory standards.
6. Cross River’s Vision for Modern Financial Services
- Continues to innovate with real-time tools that meet modern economic demands.
- Committed to creating a faster, safer, and more inclusive financial ecosystem.
- Bridges gaps in payment speed, improving both business and consumer experiences.
Cross River’s Request for Payment is a transformative innovation that addresses longstanding inefficiencies in inbound payments. By enabling instant, secure transactions through RTP® and partnering with Plaid, Cross River is driving the future of real-time finance—where speed, control, and trust come together to benefit businesses and consumers alike.
