NASHVILLE, Tenn.--(BUSINESS WIRE)--Pidgin, a secure, real-time payments platform built for the future of payments, is excited to present its instant payment innovations at the Nacha Smarter Faster Payments 2022 conference as part of the Federal Reserve’s live FedNow Service Provider Showcase. Kevin Olsen, senior vice president of Pidgin, will present on Monday, May 2nd at the Federal Reserve’s booth, #701.
The in-person showcase will connect service providers offering instant payment solutions with financial institutions looking to adopt and innovate upon the FedNow Service, a new instant payment platform the Federal Reserve will launch in 2023. The live presentations focus on processors offering services, such as Pidgin’s faster payments platform, that are a priority for financial institutions preparing for instant payments.
Pidgin allows financial institutions to send and receive faster payments. The platform consists of four faster payments modules to support all consumer touchpoints, including: Peer-to-Peer; Consumer-to-Business; Business-to-Consumer and Business-to-Business. On the Pidgin Network, payments are routed from financial institution to financial institution without a middleman holding funds, as they are hosted by the financial institution rather than a virtual wallet or third-party fintech provider. When a Pidgin user makes a payment, the money is transferred from their account directly to the payee’s account, which can either be an individual’s personal account or a merchant account.
United Bankers’ Bank and Corporate America Credit Union are among the forward-thinking financial institutions already offering Pidgin to its member banks and credit unions. United Bankers’ Bank, the nation’s first and the upper Midwest’s largest bankers’ bank, has extended the Pidgin platform to its more than 1,000 community banks across the West Coast to the Great Lakes and South Atlantic. On the credit union side, Corporate America Credit Union (CACU), a not-for-profit financial cooperative serving credit unions throughout the U.S., has also extended the platform to its more than 500 credit union members. Both United Bankers’ Bank and CACU will be presenting Pidgin at the FedNow Service Provider Showcase.
“Our team is thrilled to feature Pidgin’s instant payments solutions and connect with financial institutions about their needs ahead of FedNow Service rollout next year,” said Abhishek Veeraghanta, Head of Pidgin. “Today’s generation of consumers and business owners value the ability to transact payments instantly and securely, at their convenience. We look forward to making faster payments possible by helping our financial institution partners bring FedNow-powered products and services to their customers.”
The showcase presentations will take place at the Federal Reserve’s booth, #701. Pidgin is also profiled in the online FedNow Service Provider Showcase on FedNowExplorer.org.
“We appreciate the energy and momentum that organizations like Pidgin are bringing to enabling FedNow adoption within the instant payments ecosystem,” said Connie Theien, senior vice president and head of industry relations for the Federal Reserve System. “The FedNow Service Provider Showcase presentations are an opportunity for financial institutions seeking to connect with providers to build end-to-end instant payment solutions.”
About Pidgin
Pidgin, powered by VSoft Corporation, is a new, innovative and secure faster payments ecosystem, enabling financial institutions, business owners and individuals to process transactions faster and with lower fees. Engineered to deliver innovation both today and in the future, no matter how payments evolve, Pidgin allows financial institutions to send and receive faster payments almost instantly, but in a more secure way than virtual wallet alternatives. When using Pidgin, money is kept within the financial institution, as opposed to a holding account owned by a fintech provider. For more information, please call 770-225-7692, or visit www.vsoftcorp.com, or follow them on Twitter @VSoft_Corp and LinkedIn.
About the FedNow Service
The Federal Reserve Banks are developing the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals will be able to send and receive instant payments at any time of day, and recipients will have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access will be provided through the Federal Reserve’s FedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org.
"FedNow" and “FedLine” are service marks of the Federal Reserve Banks. A list of marks related to financial services products that are offered to financial institutions by the Federal Reserve Banks is available at FRBservices.org.
