Brex has announced a business cash management account designed to help companies simplify their financial operations, earn yield on their cash, pay for expenses and grow their business. The Brex Cash account is seamlessly integrated with the Brex Card, with both products accessible through one interface.
Brex says that cash management account customers can earn a return of 1.6% or more on their cash balances. They also earn Brex Rewards points, any way they pay, across ACH/Bill Pay, credit card and wire payments. Brex Cash charges no transaction fees on any payment types. Brex Rewards points are redeemable for statement credit, travel and six airline partner loyalty mileage programmes.
Brex says it has used its technology to navigate the financial and regulatory hurdles that typically exacerbate negative banking product experiences. With Brex Cash, growing companies can get instant access to their account through an all-online signup process, manage users and permissions, and receive clean, transparent statements. They can also manage all of their payments across credit card, ACH and wire, from one dashboard.
Brex has partnered with Radius Bank, a Boston-based financial institution, to provide payment processing services for Brex Cash. Rather than use pre-existing back-end software, the company built the core ledger system behind its cash account from scratch and partnered with Radius to access ACH and wire payment rails.
The product will be offered to existing Brex card customers on a rolling basis, with public availability coming soon.
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