FORT LEE, N.J.--(BUSINESS WIRE)--Cross River Bank (“Cross River”), a technology-driven financial services organization that provides core infrastructure and embedded financial solutions, today announced that it will be powering PayTile, a fintech company that offers location-based payments through their app. PayTile is one of the first ever peer-to-peer (P2P) payment platforms that uses geo-location to facilitate safe and private financial transactions between users without sharing users’ personal information. Through this new partnership, Cross River will provide PayTile with core banking infrastructure and leading payments capabilities.
In an increasingly cashless world, PayTile’s P2P product protects users’ personal information during a digital transaction. The PayTile app can be used as a payment method in scenarios where using physical cash would be preferred (tipping the valet, buying furniture via Facebook Marketplace, or shopping at the farmers market). The experience is similar to the iPhone’s “AirDrop” functionality–users can send money to people nearby without the hassle of exchanging either party’s username, legal name, email or phone number with the recipient.
PayTile is simultaneously launching Money Drop, their proprietary technology that takes the app beyond just P2P payments. Without any hardware, PayTile can digitally place cash or other digital goods at an exact location for users to pick up and redeem. PayTile’s business partners plan to use Money Drop to draw a physical crowd via incentives, whether that’s to sell discounted tickets at a stadium or to offer coupons to celebrate the opening of a brick-and-mortar establishment.
“Anu and the team at PayTile are revolutionizing peer-to-peer payments,” said Gilles Gade, Founder, President and CEO of Cross River. “By partnering with innovative companies like PayTile, Cross River creates real time solutions to empower consumers and their finances.”
“PayTile’s mission is to make digital payments as private as cash and as safe as a card,” says Anu Vora, CEO of PayTile. “While traditional P2P apps exist to pay the people you already know, PayTile exists to safely pay people you don’t know.”
Cross River’s technology is enabling the delivery of innovative financial solutions to millions of consumers and businesses across the globe. Its full-stack infrastructure enables the fastest growing fintechs to innovate and scale, all while maintaining a focus on regulatory compliance and consumer protection. As Cross River becomes PayTile’s first and exclusive banking partner, PayTile customers will use Cross River’s digital infrastructure and payments capabilities, like ACH, to fund their PayTile wallets, and Push-to-Card to replace cash and move funds digitally. Consumers will be able to send and receive money through mobile wallets powered by Cross River.
About Cross River
Cross River is a fast-growing financial services organization that merges the forward-thinking offerings of a technology company with the established expertise and traditional services of a bank. Since its founding in 2008, Cross River has developed strategic partnerships with leading technology companies, marketplace lenders and payment providers, while maintaining a strong focus on regulatory compliance and consumer protection. Cross River provides a highly secure, API-based banking platform and comprehensive suite of products encompassing lending, payments, risk management and Banking-as-a-Service (BaaS) offerings to deliver responsible financial solutions that empower businesses and consumers anytime, anywhere. Cross River Bank is a New Jersey state-chartered FDIC insured bank. For more information, please visit Cross River’s website at www.crossriver.com or Twitter @crossriverbank.
PayTile is an innovative approach to digitally replace cash. PayTile’s geo-location based payments platform is built for people who care about their privacy. The app intuitively facilitates sending and receiving money without asking for usernames, building a social network for transaction history, or requiring any personal information to be shared between users at all. For businesses, PayTile offers the ability to build gamified experiences via Money Drop (digital goods dropped at exact locations without any physical hardware), so companies can reward loyal customers who show up, strengthen customer engagement, and bring new consumers through their door. PayTile is funded by Candid Ventures, a venture studio that backs moonshot ideas led by underrepresented founders. PayTile is available for download on all mobile devices. Learn more at paytile.com.