Digital revolving credit solutions provider FuturePay has signed an agreement with tech infrastructure provider Cross River for its MyTab credit platform, according to a Wednesday (June 29) press release.
Combined with Cross River’s banking capabilities, MyTab will help provide responsible credit access for consumers across the U.S., along with FinTech services for merchants, the release said.
The platform lets consumers apply for a credit line that can be used and reused over time, helping merchants to work with long-term customer relationships in a bid to get repeat or subscription purchases.
In contrast to buy now, pay later (BNPL) options, MyTab offers convenience and instant decisioning, while also offering rigorous credit screening and fraud mitigation, similar to how traditional credit cards and store card companies work, per the announcement.
“Cross River is one of the most respected financial institutions in the e-commerce sector, and we are excited to be partnering with them to bring MyTab to market,” FuturePay Chief Executive Officer Tim Harris said in the announcement. “We look forward to a long and profitable relationship with Cross River as we look to help merchants grow their businesses and establish long-term relationships with their customers.”
Adam Goller, head of FinTech banking with Cross River, said the MyTab product “helps to fill a gap in the market and provide responsible credit solutions to more consumers.”
Cross River recently teamed up with Sardine, a compliance platform, to work on making sure Sardine customers can access funds through the Cross River infrastructure platform.
Sardine offers fraud prevention and compliance infrastructure for digital wallets and neobanks, using a platform developed by people who have worked with Coinbase, Revolut, Google Pay, Bolt and PayPal.
Luca Cosentino, Cross River head of digital assets, said supporting crypto is a “responsibility” for the company.
“Sardine is working on one of the most important problems in the payments and crypto world and we are proud to serve them with our API-driven payments infrastructure, the base layer of the fastest-growing fintech and crypto companies,” Cosentino said.