- Cross River Bank and PayTile announce collaboration to offer a new location-based payments solution.
- The companies compare the new solution to Apple’s AirDrop, which enables the sending of data without an exchange of PII.
- In addition to the partnership, PayTile is launching a new cash drop-off technology Money Drop.
A partnership between Cross River Bank and online payments company PayTile will bring a new location-based payments solution to market. PayTile is among the first P2P payment platforms to use geo-location to enable safe and private financial transactions between individuals without requiring exchange of personal information. The company will leverage core banking infrastructure and payments functionality – including ACH and Push-to-Card capabilities – from Cross River Bank for the new offering.
“PayTile’s mission is to make digital payments as private as cash and as safe as a card,” PayTile CEO Anu Vora explained. “While traditional P2P apps exist to pay the people you already know, PayTile exists to safely pay people you don’t know.”
PayTile’s technology is designed especially to be used in situations in which physical cash would be the preferred option. This includes tipping in hospitality-related instances, as well as informal transactions such as shopping at local farmer’s market. The company compares the location-based payment service to iOS’s “AirDrop” capability, enabling money transfers without requiring an exchange of usernames, legal names, emails, or phone numbers.
“Anu and the team at PayTile are revolutionizing peer-to-peer payments,” Cross River founder, president, and CEO Gilles Gade said. “By partnering with innovative companies like PayTile, Cross River creates real time solutions to empower consumers and their finances.”
The partnership announcement comes at the same time that PayTile is launching its Money Drop technology which enables the digital placement of cash or other digital goods at an exact location for users to pick up and redeem at their convenience. One use case of Money Drop, according to PayTile, would be for the company’s business partners to use the technology to draw a physical crowd to a specific location for promotional purposes, such as selling discounted tickets at an event location or offering rewards to commemorate the opening of a brick-and-mortar business.
Founded in 2008 and headquartered in Fort Lee, New Jersey, Cross River Bank ended 2021 with new collaborations with money movement automation platform Astra and payments firm Payment Approved. With Astra, Cross River Bank will power the first point-to-point debit transfer solution, offering instant payments via API. With Payment Approved, Cross River Bank will provide both the payments and technology infrastructure to support payments via Push-to-Card capabilities with both Mastercard and Visa. Cross River Bank will also serve as the sponsor bank for Payment Approved, providing clearing accounts, FBO management, and merchant acquiring services for the company’s business customers.
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