Visa The Embedded Lending Opportunity April 2024 Banner

VoPay to Expand Embedded Payments Offering with Cross River Partnership

VoPay, a provider of embedded payments technology based in Canada, is expanding its operations in the United States by teaming up with Cross River Bank.

This alliance will give VoPay access to major payment rails and networks as well as Cross River Bank’s financial regulatory expertise regarding the U.S. market, the companies said in a Tuesday (March 12) press release.

“This alliance not only accelerates our expansion into the U.S. market also aligns perfectly with our vision to deliver state-of-the-art technology enabling innovative financial solutions,” Hamed Arbabi, CEO of VoPay, said in the release. “Cross River’s advanced technological framework and deep regulatory expertise are invaluable as we endeavor to meet the evolving needs of our customers in today’s fast-paced financial landscape.”

With the new access to major payment rails and networks, VoPay can now offer ACH, Same-Day ACH and RTP payments, according to the release. Soon, the company will also be able to offer FedNow® Service and Pull-from-Card payment services.

These will broaden VoPay’s coverage across North America, enabling it to offer an extensive range of financial services across the continent, the release said.

The new payment options will join VoPay’s existing embedded payment solution that helps software enterprises grow, accelerate their time to market, reduce operational costs and enhance the efficiency of their core platform, per the release.

“Cross River’s relationship with VoPay stems from a shared commitment to transforming the FinTech landscape through responsible and reliable innovation,” Keith Vander Leest, head of payments at Cross River, said in the release. “By leveraging proprietary API [application programming interface] technology, 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 open banking-powered solutions aim to eliminate the data silos, messy customer journeys and “black box” payments processes that are commonly seen in both the consumer and B2B ecosystems, Arbabi told PYMNTS in an interview posted in April 2020.

“What we’re trying to do is leverage open banking to replicate a FedEx or Amazon experience where businesses know where their payment is at any given point in time, so they have real-time cash flow positioning,” Arbabi said.