US-based Cross River Bank has partnered with online payment processing firm Stripe to offer push-to-card payments for people in the marketplace economy.
Under the alliance, Cross River Bank’s banking network will be integrated with Stripe’s payments platform in order to provide easy access to earnings.
The integrated API platform will facilitate pushing of earnings to workers in ridesharing, food delivery, and independent freelance professionals for their day-to-day cash needs.
Cross River Bank founder, president and CEO Gilles Gade said: “Cross River’s partnership with Stripe will fundamentally improve how and when freelance workers are able to receive their compensation.
“By combining our established banking network with Stripe’s renowned payments platform, we are enabling financial inclusion for this essential workforce by offering them quicker access to their money and more optionality in how they would like to receive it.”
Stripe’s payments platform is designed for acceptance, processing, settlement, reconciliation and management of transactions.
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In July last year, the company launched an end-to-end platform for the creation, distribution and management of physical as well as virtual cards.
The API can be used for developing employee expense cards with spending limits, creating virtual cards for payments using smartphones or to run card stack for a new digital bank.