VoPay Teams Up with Cross River Bank to Enhance Embedded Payments Offering
VoPay, a leading provider of embedded payments technology headquartered in Canada, is expanding its footprint in the United States through a strategic partnership with Cross River Bank, according to PYMNTS.
The collaboration, announced in a press release on Tuesday, March 12, 2024, grants VoPay access to major payment rails and networks in the U.S. market. Additionally, VoPay will leverage Cross River Bank’s extensive financial regulatory expertise to navigate the complexities of the American financial landscape.
Hamed Arbabi, CEO of VoPay, expressed enthusiasm about the alliance, stating, «This partnership not only accelerates our expansion into the U.S. market but also perfectly aligns with our vision to deliver cutting-edge technology enabling innovative financial solutions.»
Through this venture, VoPay will introduce enhanced payment options such as ACH, Same-Day ACH, and RTP payments, with plans to incorporate FedNow® Service and Pull-from-Card payment services in the near future. These additions will significantly broaden VoPay’s service coverage across North America, enabling the company to offer a comprehensive suite of financial solutions throughout the continent.
VoPay’s existing embedded payment solution, designed to assist software enterprises in scaling their operations, reducing operational costs, and improving platform efficiency, will be complemented by these new offerings.
Keith Vander Leest, head of payments at Cross River, emphasized the shared commitment to transforming the FinTech landscape responsibly, stating, «Our collaboration ensures transparency to the underlying users for transaction monitoring while allowing for seamless and efficient transactions, empowering businesses with secure money movement in today’s regulatory environment.»
VoPay’s innovative solutions, powered by open banking, aim to streamline payment processes and eliminate the complexities commonly associated with consumer and B2B payment ecosystems. In an interview with PYMNTS in April 2020, Arbabi highlighted VoPay’s goal of providing businesses with real-time cash flow positioning akin to the tracking experience offered by industry giants like FedEx or Amazon.
Through this strategic partnership, VoPay and Cross River Bank are poised to drive significant advancements in the embedded payments landscape, offering businesses enhanced transparency, efficiency, and security in their financial transactions.