FORT LEE, N.J., Dec. 7, 2017 /PRNewswire/ -- Cross River, a New Jersey State Chartered FDIC-insured bank and FinTech leader, announced today a partnership with Mastercard (NYSE: MA) to launch its new Mastercard Cash Pick-Up service. Cash Pick-Up allows banks and their disburser partners to deliver cash quickly, securely and easily to any vetted consumer – banked or unbanked – through enabled ATMs, without the use of a card. The program is another example of Cross River's first-to-market approach with new payment types, and is a complement to the company's overall disbursements suite. With the addition of Cash Pick-Up, Cross River business partners will now be able to pay their customers to their bank account, through their debit card, and now at the ATM.
"After helping to launch Mastercard Send in 2015, we are proud to be working together again to bring another innovative payment product to market," said Gilles Gade, President and CEO, Cross River. "The launch of Cash Pick-Up underscores Mastercard's leadership in this space, and furthers Cross River's goal of constantly bringing new payment solutions to our business partners."
Despite the proliferation of mobile services in the financial sector, many businesses still make payments to customers and employees through the mail, adding cost, complexity and inconvenience. Now, with Mastercard Cash Pick-Up, the business or individual initiating the transaction can create a cash pick-up order, which alerts the sender's bank to issue payment to the recipient. A unique code is sent to the designated recipient via text in a matter of seconds. Upon entering the code in an enabled ATM, the recipient can retrieve the cash without the use of a card. Businesses don't have to send payments through the mail, and customers can get their money faster and easier.
"At Cross River we pride ourselves on bringing new payments products and services to market quickly and are pleased to add Mastercard Cash Pick-Up to our existing suite of services," said Ben Isaacson, SVP and General Manager, Payments for Cross River. "With this launch, Cross River continues on the path of being first to market with new payment products that enable our business partners to disburse funds with increasing efficiency."
"Mastercard has enjoyed a longstanding relationship with Cross River to bring innovative solutions to market. As part of our shared commitment to digital payments and providing the best customer experience, Cash Pick-Up ensures that consumers have immediate access to essential funds quickly, securely and easily," said Dan Goodman, Senior Vice President, ATM Product Management, Mastercard.
Mastercard Cash Pick-Up will enable the following:
- Instant delivery of rebates from corporations to their customers;
- Emergency cash for stranded friends or family members who need funds to get to their destination;
- Cash for disaster and aid relief;
- Disbursement of social benefits; and,
- Quick and simple person-to-person domestic transfer of money to recipients who are unbanked or underbanked.
For more information on Mastercard Cash Pick-Up, please visit http://www.mastercard.com/cashpickup. For more information on Cross River's payment solutions, please visit www.crossriverbank.com/payments.
About Cross River
Founded in 2008, Cross River is a New Jersey State Chartered FDIC-insured bank. The company recently secured $28 million VC funding from three well-regarded investors (Battery Ventures, Andreessen Horowitz, and Ribbit Capital) and has developed strategic partnerships with FinTech leaders to build fully compliant and integrated solutions for the marketplace lending and payment processing arenas. As disintermediation and financial independence increasingly fuel the new economy, Cross River is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors. Corporate website: www.crossriverbank.com
William M. Bell
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SOURCE Cross River