Latest news with #RfP
Finextra
09-06-2025
- Business
- Finextra
Cross River signs Plaid as first customer for new Requests-for-Payments feature
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. 0 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.
Business Wire
09-06-2025
- 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
New Indian Express
27-05-2025
- Climate
- New Indian Express
Robotic tech to clear waterlogging in Hyderabad
HYDERABAD: As Hyderabad prepares for another monsoon season, the Greater Hyderabad Municipal Corporation (GHMC) is set to deploy jetting-cum-suction machines and utilise robotic technology equipped with cameras to identify blockages in stormwater drains (SWDs). These efforts aim to tackle water-logging on main roads by efficiently cleaning both solid and liquid silt from the city's drainage system. Currently, the Hyderabad Metropolitan Water Supply and Sewerage Board (HMWS&SB) is using this mechanism to clean overflowing sewer pipelines by removing silt and other solid waste materials that obstruct the flow and cause sewage to spill onto roads. The civic body has identified over 140 to 145 critical waterlogging points across the city. To combat waterlogging and flooding at frequently inundated locations, the GHMC has proposed the deployment of specialised machines designed to quickly remove water from affected areas and clean drains during the dry season. Initially, this initiative will be implemented in the Khairatabad zone, covering Jubilee Hills, Mehdipatnam, Goshamahal, Khairatabad, and Karwan. Jetting-cum-suction machines combined with robotic technology equipped with cameras offer a comprehensive solution for cleaning stormwater drains. These machines use high-pressure water to dislodge blockages and suction to remove debris, while the robotic systems help identify bottlenecks and assess the condition of the stormwater drainage network. The civic body hopes that mechanical cleaning of the drains will significantly reduce waterlogging issues in the city. In this regard, the GHMC has invited Expressions of Interest (EoI) cum Requests for Proposals (RfP) from agencies to provide stormwater drain silt-cleaning services using advanced technology in the Khairatabad Zone. GHMC officials emphasised that frequent inundation poses a significant threat to public safety, property, and overall urban infrastructure. This underscores the urgent need for implementing a robust and innovative stormwater drainage system.
Time of India
28-04-2025
- Business
- Time of India
AP metro rail corp seeks consultant for Vizag proj
Visakhapatnam: Andhra Pradesh metro rail corporation (APMRC) has issued a request for proposal (RfP) for the appointment of a general consultant for the Visakhapatnam metro rail project phase one. Tired of too many ads? go ad free now APMRC board of directors recently approved the implementation of both Vizag and Vijayawada metro rail projects under the EPC (engineering, procurement, and construction) model, by engaging general consultants. This decision was made in light of the numerous advantages offered by this approach. If interim consultants were appointed instead, they would charge approximately 0.2% of the project cost—around 20 crore—for a 12-month period to assist with preliminary activities until the general consultants were engaged. According to APMRC officials, adopting the EPC model with general consultants is expected to save 20 crore for both the Vijayawada and Visakhapatnam metro projects. To facilitate this, APMRC issued RfP for the general consultant for the Vizag metro project, in accordance with the requirements of multilateral funding agencies such as the Japan International Cooperation Agency (JICA), Kreditanstalt für Wiederaufbau (KfW), Agence Française de Développement (AFD), and the Asian Infrastructure Investment Bank (AIIB). Moreover, the regional office of the metro rail corporation will be relocated to the VMRDA office in Visakhapatnam, with operations expected to commence there in the next few months. APMRC has also issued another tender for furnishing and installation works of the regional office at the VMRDA office in Siripuram. According to APMRC officials, there could be several drawbacks to engaging an executing agency on a turnkey basis. Tired of too many ads? go ad free now This could lead to objections from multilateral funding agencies, increased costs due to turnkey overheads, limited control over procurement and quality, and potential delays arising from coordination with local stakeholders. Given these disadvantages, APMRC has decided to execute the projects on an EPC basis with general consultants. The chosen consultant will support in procurement, design, construction management, supervision, system integration, interface management, testing, and commissioning of the Vizag metro rail project.
Observer
28-04-2025
- Business
- Observer
Oman to study geothermal potential of hot springs
MUSCAT: A stretch of northern Oman, home to some of the country's best-known hot springs — currently popular for their tourist and therapeutic appeal — will soon be investigated for their geothermal potential, with the ultimate goal of harnessing their renewable energy capacity. The initiative is being spearheaded by Nama Power and Water Procurement Company (Nama PWP), the sole procurer and offtaker of new power and water desalination capacity in the Sultanate of Oman. On Sunday, the state-owned entity – part of Nama Group – invited suitably qualified consultancy firms to bid for its contract to provide 'Techno-Economic Consultancy Services' for a first-ever Hot Springs Geothermal Project in Oman. The scope of the consultancy study is set out in a Request for Proposals (RfP) document that is being made available to interested bidders in this regard. 'The selected bidder will be responsible to conduct a feasibility assessment of geothermal energy potential in specific pre-identified locations within the area between Wilayat Fanja and Al Ansab (Wilayat Bausher) as Phase I and in compliance with the specifications, terms, and conditions detailed in the RFP,' Nama PWP added in a brief introduction to the landmark initiative. The delineated area corresponds to a part of northern Oman that hosts some of the country's well-known hot pools. These springs are linked to the movement of groundwater through deep faults and fractures, where it gets heated by geothermal gradients. The springs are rich in minerals, especially sulphur compounds, and are popular for their tourism and health-promoting benefits. Within the capital city of Muscat, the most notable hot spring is in Bausher. The hot springs are thought to be part of minor thermal seepages, more seasonal and dependent on rainfall influencing underground flow. On the outskirts of the city are the Fanja Hot Springs in the Wilayat of Bidbid. Though smaller and less developed than other thermal pools in the country, Fanja's hot springs feed into wadi systems in the vicinity. The biggest, however, is Al Rustaq Hot Springs in South Al Batinah Governorate. Better known as Ain Al Kasfa, they refer to a cluster of hot springs with water temperatures sometimes exceeding 45°C. Finally, a short distance from Al Rustaq are Nakhl Hot Springs (Ain Al Thawwarah), located near Nakhl Fort. The spring emerges from a lush oasis and flows through a manmade canal system, irrigating date plantations and local agriculture. Submissions for the Hot Spring Geothermal Project study are due in by May 22, 2025, according to Nama PWP. Thus, while the proposed study is linked to the geothermal potential of hot springs per se, global technology company SLB (formerly known as Schlumberger) is currently assessing the broader potential of geothermal resources across Oman. An agreement to this effect was signed between SLB and the Ministry and Energy and Minerals in 2022. Also collaborating in this endeavor is Oman Investment Authority (OIA). The exercise will lead to the formulation of a national strategy to develop the potential of the country's geothermal resources. According to studies by Sultan Qaboos University, Oman hosts at least a handful of geothermal reservoirs – described as mainly low (70 – 90 degree C) and medium (100 – 174 degree C) enthalpy type reservoirs – that have not been suitably explored.
