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.crossriver.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
CONTACT:
William M. Bell
wbell@factory-360.com
Factory 360 212.242.2417
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SOURCE Cross River