The Bankers Bank is rolling out Pidgin to its community bank customers, providing them a fast, easy and secure way to send and receive payments.
With Pidgin, payments are routed directly from financial institution to financial institution. Customers’ money is hosted by the financial institution and transferred from their account directly to the payee’s account, which can either be an individual’s personal account or a merchant account. Since Pidgin eliminates the need to use a holding account by a third-party provider or a virtual wallet, Pidgin facilitates a more secure transaction process with lower fees.
With Pidgin, The Bankers Bank is able to support faster payments across various use cases. For personal accounts, Pidgin is a single solution to send and receive payments directly from a checking account. There is no waiting or transfer period. Once a transaction is complete, funds are available almost immediately. For businesses and merchants, Pidgin makes it easy to accept real-time payments from customers with no waiting or transfer periods. Businesses get access to their funds faster and, as a result, can pay employees and vendor partners quicker.
Additionally, Pidgin supports the use of different payment routes, including FedNow, real-time payments, as well as same-day ACH. As a result, The Bankers Bank’s network of community banks can route payments according to speed, cost and network, which ensures payments arrive when an account holder needs them, at the lowest cost possible.
“The Bankers Bank is dedicated to helping our bank partners thrive within the communities they serve. As part of that mission, we aim to provide world-class banking, payment and technology solutions for our network of community banks, which is why we partnered with Pidgin,” said Malinda Rickel, SVP and chief operations officer at The Bankers Bank. “With Pidgin’s platform, our bank partners are able to make faster payments possible for their account holders and gain a competitive edge.”
“Consumers are demanding faster payments in more areas of their lives. In fact, four out of five consumers say they are interested in faster options to pay businesses and about 70 per cent say having access to faster payment capabilities from their financial institution is an important satisfaction driver, according to a recent survey by the Federal Reserve Banks,” said Abhishek Veeraghanta, head of Pidgin. “The Bankers Bank is getting ahead of the curve and making faster payments possible for the community banks they serve. We look forward to working with their network of more than 250 community banks and their customers.”
Image and article originally from thefintechtimes.com. Read the original article here.