Cross River Bank, the New Jersey-based bank and Banking-as-a-Service provider known for its API-driven banking core and regulatory expertise, has announced it will power X Money, the financial services capability embedded directly in X (formerly Twitter), providing FDIC-insured interest-bearing accounts, Visa debit cards, and peer-to-peer PAYMENTS through its regulated infrastructure and access to payment rails. X selected Cross River for its ability to handle payments quickly and at scale, with the bank providing the regulated infrastructure and payment rails that allow X to pursue Elon Musk’s “everything app” vision without becoming a bank itself. The launch gives X access to transaction data that could unlock commerce, creator payouts, subscriptions, and lending, putting it in more direct competition with digital wallets and challenger banks.
Cross River to Power Elon Musk’s X Money
