The service, known as X Money, is not a new bank. X Money is using technology and banking services provided by Cross River Bank and branding that backbone as X Money. Users of X will be able to send money to other X users in real-time, the company said. To attract customers, X Money is offering a 6 per cent yield on deposits and 3 per cent cashback on eligible purchases. Customers would also have to be signed up for X’s premium services, which is at least US$8 a month.