US-based embedded financial solutions provider Cross River has partnered with Plaid to offer multi-rail payment solutions to US businesses. Through this partnership, Cross River became the first financial institution to support Plaid’s real-time solutions.

Plaid chose Cross River due to the successful ongoing relationship between the two entities but also due to Cross River’s proprietary API technology and innovative solutions that can create a direct, efficient and streamlined connection to multiple payment networks. The first real-time offering resulting from this partnership is Instant Payouts on Plaid Transfer. This is a real-time, multi-rail payout solution that can be used to send and settle funds instantly.

Plaid Transfer manages bank-linked transfers and payments, allowing businesses to obtain payment authorization, move money, and analyse risk by leveraging a single API. Moreover, the system also provides important information on instant payout eligibility. If an account is not eligible for instant payouts, companies can seamlessly route the transaction to ACH without impacting their customers.

In the company press release, Cross River representatives talked about this recent partnership expansion and described it as a step in the right direction in their mission to support financial innovation and provide secure, fast, and seamless payment experiences. Plaid officials highlighted the benefits of real-time payments, particularly their efficiency and cost benefits to businesses. They also mentioned their potential to help businesses create better experiences for consumers by delivering money when and where they need it.

The benefits of faster payments According to a 2022 AFP Digital Payments Survey, 92% of global organisations have been positively impacted by faster payments. Moreover, 70% of consumers reported an improved experience as a result of faster payments according to the Federal Reserve. Instant Payouts via Plaid Transfer, powered by Cross River can improve the way businesses and verticals do business in areas such as personal lending, marketplaces, insurance, brokerages and digital investment platforms.

To provide more detailed information about the system, Cross River and Plaid will host a webinar titled ‘A New Era of Faster Payments for Businesses and Consumers,’ on 3 August 2023. Other developments from Plaid In July 2023, Plaid also extended its partnership with Nuvei to support a wider range of businesses accepting bank-based payments for multiple use cases. This includes recurring payments and payouts and aims to serve additional verticals within the ecommerce landscape, such as utilities and B2B.

Through this partnership, Nuvei’s global reach, including local acquiring in 47 markets, combined with the Plaid network which covers 12,000 financial institutions across the US, Canada, the UK, and Europe, will enable businesses in multiple regions across the globe to improve their online checkout through offering pay-by-bank experiences. For more information about Plaid, please check out their detailed profile in our dedicated, industry-specific Company Database. .