Cross River, a New Jersey-based bank, has forged a partnership with Mastercard to introduce Mastercard Cash Pick-Up service.
The Cash Pick-Up service enables the banks and their disburser partners to deliver cash quickly and securely to any vetted consumer through enabled ATMs, without the use of a card. Cross River has become the first lender to offer this service of Mastercard.
Using the new cash disbursement service, Cross River business partners can pay to customers to their bank account, through their debit card, and now at the ATM.
Once business or individual creates a cash pick-up order using Mastercard Cash Pick-Up service, an alert is dispatched to sender’s bank to issue payment to the recipient. Subsequently, the recipient bank sends a unique code to the designated recipient. Once the user enters the code in an enabled ATM, the cash retrieves without the use of a card.
Cross River senior vice president and general manager of payments division Ben Isaacson said: “At Cross River we pride ourselves on bringing new payments products and services to market quickly and are pleased to add Mastercard Cash Pick-Up to our existing suite of services.”
Mastercard senior vice president of ATM product management Dan Goodman said: “Mastercard has enjoyed a longstanding relationship with Cross River to bring innovative solutions to market. As part of our shared commitment to digital payments and providing the best customer experience, Cash Pick-Up ensures that consumers have immediate access to essential funds quickly, securely and easily.”
Mastercard Cash Pick-Up service can be used for instant delivery of rebates from corporations to their customers, emergency cash for stranded friends or family members, cash supply for disaster and aid relief, disbursement of social benefits besides quick person-to-person domestic money transfer services.