Cross River to enable P2P payments, banking services for X Money

The banking-as-a-service provider will power X Money’s peer-to-peer payments, FDIC-insured accounts and Visa debit cards as the platform expands its financial services.

Cross River said Monday it will provide the banking infrastructure for X Money, the financial services platform being integrated into X, enabling peer-to-peer payments, FDIC-insured interest-bearing accounts and Visa debit cards.

The company said its banking platform and payment rails will power the service as X continues its push to become an “everything app,” with infrastructure designed to support additional financial products and services over time.

Cross River provides embedded financial infrastructure for payments, cards, lending and cryptocurrency services to fintech and technology companies through its regulated banking platform and payment rails. The announcement did not mention support for cryptocurrencies or stablecoins.

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