Latest news with #BrianDammeir
Business Wire
3 days ago
- Business
- Business Wire
Cross River Launches Request for Payment (RfP) to Power Smarter, Real-Time Money Movement
FORT LEE, N.J.--(BUSINESS WIRE)--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. The capability will streamline inbound money movement and enhance funding agility across the Real-Time Payments (RTP) ® network. Plaid will be the first to implement the feature, unlocking instant purchases through its bank payments platform, Plaid Transfer. A leader in instant payments and an early adopter of the RTP ® network, Cross River moves over $1 billion monthly in real-time disbursements across RTP ® and FedNow combined. However, while outbound payments have become instant, inbound funding has lagged — dependent on ACH and wire transfers that operate on batch processing and limited banking hours. Now, Cross River will be one of the first financial institutions to support RfP on the RTP ® network, paving the way for faster and more reliable pay-in options. '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, EVP 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 allows businesses to send a secure, digital request for payment — enabling payers to authorize and send funds instantly with greater control, a significant step forward in streamlining the payment experience and reducing friction in how money moves. With RfP, businesses will be able to instantly fund digital wallets and accounts, reduce operational friction from delayed deposits, and improve customer experience with smooth, real-time pay-in options. Plaid, the first to implement RfP functionality with Cross River, will enable real-time pay-ins for Carvana customers. This integration allows car buyers to complete purchases instantly and seamlessly — eliminating the friction typically caused by traditional 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 optimized conversion, so customers can tailor bank payments across their business.' Built on Cross River's proprietary API-based banking core infrastructure, COS, the RfP solution was developed with security, transparency, and compliance at its core. Each RfP is presented to the recipient by the receiving financial institution for explicit authorization, ensuring full control over every transaction. This adds a critical layer of security and trust, while improving the user experience on both ends of the exchange. Cross River is continuing its mission to modernize financial services and provide real-time tools that reflect the pace of today's economy. This new capability reflects Cross River's commitment to building a more inclusive and modern financial system — where speed and safety go hand in hand. About Cross River Cross River provides technology infrastructure powering the future of financial services. Leveraging its proprietary real-time banking core, Cross River delivers innovative and scalable embedded payments, cards, lending, and crypto solutions to millions of consumers and businesses. Cross River is backed by leading investors and serves the world's most essential fintech and technology companies. Leading the industry, Cross River is reshaping global finance and financial inclusion. Member FDIC. Find out more at
Yahoo
21-04-2025
- Business
- Yahoo
MoneyGram, Plaid team up on pay-by-bank service in US
Global payments network MoneyGram has picked fintech firm Plaid as its pay-by-bank provider in the US. This collaboration allows MoneyGram customers in the US to authenticate their bank accounts using Plaid's technology, which is said to facilitate quicker and more secure funding for both domestic and international transactions. The integration, designed to enhance the MoneyGram Online (MGO) platform, will expand into additional markets later this year. The pay-by-bank feature connects to Plaid's extensive network, which includes thousands of banks and credit unions. MoneyGram said its customers will benefit from enhanced security through its anti-fraud measures, combined with Plaid's instant account verification. Plaid payments and financial management head Brian Dammeir said: 'Plaid provides the most widely used and trusted network across digital financial services, covering thousands of financial institutions across the United States, Canada, Europe and the UK. 'Now, MoneyGram can leverage the power of the Plaid network to quickly and securely drive conversion, reduce bank returns and proactively prevent fraud.' Research indicates that consumers are increasingly seeking 'connected' financial services, highlighted MoneyGram. Over 75% of individuals in the US consider it important to link their bank accounts with financial applications, according to the company. Furthermore, more than 85% of users of financial technology prefer pay-by-bank options due to their convenience, speed, and security. MoneyGram CEO Anthony Soohoo said: 'The MoneyGram network moves money for over 50 million customers each year, across nearly every country in the world. 'This partnership with Plaid expands our global capabilities to deliver faster, more secure payments for our customers.' MoneyGram's network covers more than 200 countries and territories, with approximately 450,000 retail locations and five billion digital endpoints. Earlier this month, Plaid raised $575m in a funding round led by Franklin Templeton, with participation from Fidelity Management and existing investors NEA and Ribbit Capital. "MoneyGram, Plaid team up on pay-by-bank service in US" was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
27-03-2025
- Business
- Yahoo
Plaid's Brian Dammeir talks future of open banking
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. It's no secret that the future of the Consumer Financial Protection Bureau is uncertain – and with that, so is its guidance. That includes its long-awaited final rule on open banking, which was announced in October and finalized in the last days of the Biden administration. That rule, under Section 1033 of the Dodd-Frank Act, requires financial institutions, credit card issuers and other firms to transfer personal financial data to other providers for free at the consumer's request, thus providing consumers with more control over their financial data. That connectivity has been something Plaid has spearheaded – and to discuss the financial industry's progress toward handing the reins over to consumers, Banking Dive sat down with Brian Dammeir, the firm's head of payments and financial management. Plaid's mission, per its website, is to 'unlock financial freedom for everyone by democratizing financial services through technology' – and 12 years into existence, its platform connects more than 12,000 financial institutions to the 8,000 fintechs built on top of Plaid. Editor's note: This interview was edited for brevity and clarity. BRIAN DAMMEIR: You can really see that as a dimension of coverage and quality. I think we're starting to get to a critical mass in terms of coverage, [meaning] if I am a consumer, and I go through an open finance or an open banking flow, will I be able to – in the case of payments at least – connect to my account? We're at that stage now where, because of the work we've done for a decade-plus and all the institutions we cover, more often than not the consumer is going to be able to connect that account. Now we're on a journey in the industry addressing the overall quality of that user experience – making it a seamless authentication experience and making it something that is as easy as possible while remaining secure for that consumer. There's almost a misnomer that the job's done. I think we're at Phase One when it comes to that base level connectivity, and now it's really about the user experience as they're going through that connectivity journey. It's important to just take a step back and see the trendline that open banking has been on, even outside of Section 1033 and the CFPB. It was industry- and market-led for a very long time. I think that trend line will continue, because it is win-win, right? Consumers want it. Brands want it. Banks understand the power of it for multiple use cases. We could sit here and try to abstract out exactly what's going to happen over the next year or two. I think if anything changes, it's timelines. But it's not the trend line. The advantage of anything that's industry- or market-led is that it's oriented around use cases that are very real, like 'what do consumers want? What apps are developers trying to create, and what user experiences are banks expecting and trying to create amongst their consumers?' What regulatory guidance provides for is consistency, usually because it's a centralized entity that will say, 'here's the standards we're trying to set across the board.' Ultimately, consumers do want consistency, especially when you're talking about something like open banking, which is about a trusted experience. I think I have to make a lot of assumptions to answer that question. What I will say is that there's enough win-win-win across the ecosystem that everybody wants open finance to be a thing. There's still the intrinsic drive towards open finance, regardless of regulatory context, and I think that's important to note. That's usually a question of, 'what is their stack that they're on? What set of partners do they use, and where in the set of priorities is this against other things?' There's the beginning of a regulatory dynamic that is encouraging continued open finance and open banking adoption. Of course, those smaller institutions have much longer timelines in those regulations. Ultimately, if everybody just sees [the CFPB open banking rule] as a regulatory mandate, it's not going to be a very good experience. Most of these banks understand that their consumer wants to be able to do this. They want to be able to connect to [fintech apps]. It's about where it fits in their priorities, and that's why we focus on having turnkey solutions with their partners, so that when they are ready to turn it on, they can turn it on.
