This collaboration aims to benefit industries with complex real-time payment needs such as the gig economy, independent contractors, restaurants/hospitality, and marketplaces by simplifying payment acquisition and distribution processes. According to officials from MassPay, partnering with Cross River represents a significant advancement in its ability to offer global real-time payments. By leveraging Cross River's API technology alongside MassPay's payout infrastructure, businesses can facilitate faster fund access and smoother payment experiences for clients, contractors, and employees.
According to the official press release, the shift towards independent contracting, gig economies, and online marketplaces has driven demand for efficient, reliable instant payment solutions. Cross River and MassPay intend to meet this demand by ensuring seamless transactions that enhance financial experiences for both businesses and individuals. Cross River's advanced API technology facilitates quick and reliable payment processing through network interoperability and intelligent routing.
Representatives from Cross River expressed enthusiasm about enhancing the domestic instant payment landscape in collaboration with MassPay. The integration promises increased payment options, faster fund access, and reduced wait times for payments and payouts. Cross River's technology infrastructure assures high reliability and security, scaling effectively with business growth in dynamic sectors such as the gig economy and expanding marketplaces.
In essence, this strategic partnership signifies a significant advancement in payment solutions, aiming to support financial inclusion by providing instant, reliable payment options to more individuals and small businesses participating in the digital economy.
Cross River provides technology infrastructure for financial services, offering embedded payments, cards, and lending solutions through its real-time banking core. Backed by leading investors, Cross River serves essential fintech and technology companies globally, contributing to financial innovation and inclusion.
MassPay's Instant Payout Solutions allow businesses to integrate and automate real-time payouts for both individuals (B2C) and businesses (B2B) around the world. Payees can select their preferred payout method, ensuring flexibility and convenience.
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