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X Money's peer-to-peer payments, FDIC-insured deposit accounts, and Visa debit cards will be powered by Cross River, the banking-as-a-service provider.
Three distinct financial products, one regulated infrastructure partner. The arrangement positions X Money to offer bank-grade services while Cross River holds the charter beneath them.
The product stack Cross River's scope covers three lines. Peer-to-peer payments sit at the user-facing layer, letting X Money account holders move funds directly between users on the platform.
FDIC-insured accounts carry the federal deposit guarantee, the backstop that legally distinguishes a bank deposit from a stored-value or e-money balance.
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