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Cross River Bank (“Cross River”), a technology infrastructure provider that offers embedded finance solutions, announced the launch of Request for Payment (RfP), a transformative addition to its growing suite of instant payment capabilities.
Cross River , a banking infrastructure provider, has launched Request-for-Payment (RfP) on the RTP® network, with fintech platform Plaid as the first user enabling instant pay-ins for online used car seller Carvana.
Eighty percent of respondents identified faster payments as a must have, with financial institutions leading the charge at 84%, said FPC Executive Director Reed Luhtanen. The results reflect growing adoption of the FedNow Service and RTP Network and an expanding array of use cases in both consumer and business contexts.
As such, the consequences of real-time payments aren’t solely impacting consumers’ peer-to-peer ( P2P ) transaction activity. Beyond offering end-users faster products and services, though, Reuter noted that banks’ own internal systems are also finding their footing in a world that continues to shift toward real time.
The program will let companies make real-time payments for goods and services. As reported in this space in tandem with the Pay on Delivery announcement, the solution leverages the RTP network from The Clearing House for real-time payments clearing and settlement capabilities. OSG Billing Services and Transactis.
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