X Money picks Cross River for payment services

• X Money has selected Cross River as its banking partner for peer-to-peer payments.
• Cross River will provide the banking infrastructure for X Money's payment platform.
• The companies said the partnership supports X's plan to expand into financial services.

Cross River has partnered with X Money to provide embedded banking services for peer-to-peer payments on X.

The companies said Cross River will provide the banking infrastructure for X Money, while the service will launch after regulatory approvals.

Cross River said it will provide payment processing, account funding and money transfer services through its embedded banking platform.

The companies said the partnership supports X's plan to add financial services to its social media platform.

X Money is expected to launch later this year, subject to regulatory approvals announced by the company.

Cross River provides banking infrastructure to financial technology companies through regulated banking and payment services.

The partnership follows X's broader strategy to expand beyond social media into payments and digital financial services.