Cross River to enable P2P payments, banking services for X Money
Summary
Cross River will provide the banking infrastructure for X Money, the financial services platform being built into X. The service is expected to support peer-to-peer payments, FDIC-insured interest-bearing accounts, and Visa debit cards, with Cross River’s banking platform and payment rails powering the product. The setup is intended to let X expand into more financial services over time as it pursues an “everything app” model. X Money had already entered limited beta testing, after Musk said the rollout would be cautious because it involves users’ savings. X has also secured money transmitter licenses in more than 40 U.S. states and registered with FinCEN to support payments.
