Cross River Bank (“Cross River”), a technology infrastructure provider specializing in embedded financial solutions, and MassPay, a leading provider of business payment solutions, are expanding access to domestic instant payments. This collaboration aims to simplify complex real-time payment operations for industries such as the gig economy, independent contractors, restaurants/hospitality, marketplaces, and more.
Jeff Katz, Co-founder and CEO at MassPay, emphasized the transformative impact of this partnership: “Partnering with Cross River to innovate instant payments is a significant advancement for our company, partners, and clients. By integrating Cross River’s advanced API technology with MassPay’s global payout infrastructure, we can expand our payment capabilities and truly deliver on the promise of global real-time payments. This collaboration empowers businesses to offer faster access to funds and a seamless payment experience for clients, contractors, and employees, ensuring growth with speed, reliability, and security.”
The shift towards independent contractors, gig economies, and online marketplaces has heightened demand for efficient and reliable instant payment solutions. Cross River and MassPay will address this demand by facilitating seamless transactions, enhancing financial experiences for businesses and individuals alike. Cross River’s advanced API technology facilitates instant payment routing through a unified interface, ensuring quick and dependable transaction processing.
Keith Vander Leest, Head of Payments at Cross River, expressed enthusiasm about the collaboration: “We are excited to partner with MassPay to elevate the domestic instant payment landscape. Our cutting-edge API technology for instant payments, coupled with MassPay’s expertise in payment solutions, will deliver unprecedented value to businesses and individuals in gig economies, creator economies, and marketplaces.”
This partnership offers a streamlined solution that enhances instant payment offerings, providing accelerated access to funds and reducing wait times for both receiving payouts and acquiring payments. Cross River’s robust technology infrastructure ensures high levels of reliability and security, catering to the evolving needs of businesses. The integrated system is designed to scale alongside business growth, making it an ideal solution for the dynamic gig economy and expanding marketplaces.
This strategic expansion represents a significant advancement in payment solutions, fostering financial inclusion by enabling greater participation of individuals and small businesses in the digital economy. It offers access to instant, reliable payment solutions that empower businesses to thrive in today’s digital landscape.
