July product update: Brex Cash, mobile app, and enhanced security
Brex Cash is now FDIC insured
Brex Cash now offers two mechanisms for storing and accessing your money: FDIC insurance and investment via money market funds. While FDIC insurance has always been on our roadmap, we accelerated the rollout in response to our customers wanting more peace of mind, security, and flexibility amid the global pandemic.
Regardless of how Brex customers choose to store their funds, they continue to be able to access them from their Brex Dashboard in real-time, with no transaction, account, or wire fees.
You can learn more about managing your allocation strategy in our help center.
SMS two-factor authentication
Our customers’ security is a top priority at Brex. Since the public release of Brex Cash, new customers are required to set up two-factor authentication (2FA) from sign-in. Starting July, all users can opt into or update SMS 2FA in Account Settings.
This feature allows existing and new Brex users to opt-in 2FA SMS setup through the account settings page in the dashboard and enables Brex users to self-serve and secure their accounts from hackers and fraudsters.
Recurring and scheduled payments
As many of our customers adopt Brex Cash as their everyday operating account, time-saving automation of recurring expenses has become an increasing table stakes feature. As a result Brex Cash admins now have the ability to automate the payment process. To set recurring payments up, just visit your Brex Dashboard as an admin user, select your payment method (ACH, wire transfers, checks) and scheduled payments in advance, and mark as recurring with a set recipient, amount, and frequency. You can also view or modify these payments with ease at a future time.
For more information visit our Help Center
Check deposits on mobile
Brex Cash customers can now access their Cash accounts on the go, using the latest version of the Brex mobile app. Through the updated app, Cash customers will be able to view their account details at a moment’s notice. Added capabilities include browsing Cash activity, drilling down for transaction details, and instantly depositing checks using your phone’s camera. For Brex Cash access at your fingertips, download the latest version of the Brex app on the Google Play Store or Apple AppStore.
You can now invite team members as Cash Users in your dashboard. Cash Users can draft payments from your Brex Cash account that automatically require approval from an Admin before they go out via a built-in flow, so no purchase is over budget or out-of-policy.
Plaid integration with Cash
Brex is now listed as a financial institution within Plaid, meaning Brex customers can link their account to other services that use Plaid as their aggregator and consume their data in that third party, Cash or Card.
As we work to make Brex better, we always appreciate your feedback. Try out the above features and let us know if you have ideas or suggestions for how to improve the product. Thank you!
Brex Inc. provides a corporate card. Brex Treasury LLC is an affiliated SEC-registered broker-dealer and member of FINRA and SIPC that provides Brex Cash, a program that allows customers to elect to sweep uninvested cash balances into certain money market mutual funds or FDIC-insured bank accounts at program banks. Investing in securities products involves risk, including possible loss of principal. Brex Treasury is not a bank and your Brex Cash account is not a bank account. Please see brex.com/cash for important legal disclosures. Past performance is not necessarily indicative of future results.