Cross River Bank, a technology infrastructure provider based in New Jersey, has launched Request for Payment (RfP), a new addition to its suite of instant payment tools.

This feature aims to improve the process of inbound money movement and enhance funding flexibility across the Real Time Payments (RTP) network.

Fintech company Plaid will be the first to implement the feature, enabling instant purchases through its bank payments platform, Plaid Transfer.

Cross River has positioned itself as an early adopter of the RTP network and currently processes over one billion dollars each month in real time disbursements across both RTP and FedNow.

Despite the growing adoption of instant outbound payments, inbound transactions have continued to rely on slower methods such as ACH and wire transfers, which are subject to batch processing and limited operating hours.

With the introduction of RfP, Cross River becomes one of the first financial institutions to support this functionality on the RTP network, offering faster and more dependable ways to receive funds.

“The current reality of money movement is imbalanced, payments go out in seconds, but pay-ins often take a day or more,”

said Adam Goller, Executive Vice President and Head of Fintech Banking at Cross River.

“RfP is a smarter, more flexible way to receive incoming funds. It gives our partners greater control over timing, real time visibility into each transaction, and reduces the need for overfunding or constant balance monitoring, all while delivering a better experience for the end user.”

RfP enables businesses to send a secure digital request for payment, allowing customers to authorise and transfer funds instantly with more control.

This development is expected to reduce friction in payment processes, facilitate instant funding of digital wallets and accounts, and help eliminate delays associated with traditional deposit methods.

Plaid, which is the first to roll out RfP with Cross River, will offer real time pay-ins for customers of Carvana.

This integration allows buyers to complete transactions immediately, addressing the usual delays caused by conventional bank transfers.

“Instant payment rails unlock huge value for businesses and end customers by reducing friction, accelerating funding, and boosting conversion,”

said Brian Dammeir, Global Head of Payments and Financial Management at Plaid.

“Through our partnership with Cross River, Plaid Transfer now offers instant pay-ins, instant payouts and Same Day ACH, as part of a full solution with best-in-class account linking and optimised conversion, so customers can tailor bank payments across their business.”

The RfP solution is built on Cross River’s proprietary API-based banking infrastructure, known as COS. It was developed with a focus on security, transparency and regulatory compliance.

Each RfP is shown to the recipient by the receiving financial institution for explicit authorisation, providing full control over the transaction and adding a layer of trust and security.

Featured image credit: Edited by Fintech News America, based on image by user21016237 via Freepik