Pidgin Brings Instant Payments to Exchange Bank

Pidgin Brings Instant Payments to Exchange Bank

Want to feel good about the spread of real-time payments? Alabama-based Exchange Bank, a financial institution that has been serving customers since 1909, has turned to Pidgin to bring instant payments to its account holders.

The partnership between Pidgin and Exchange Bank will give the bank’s customers the ability to access faster payments to transfer funds between accounts, as well as pay employees, vendors, and more. Direct payment routing from financial institution to financial institution means that funds are settled and available in the recipient’s account almost immediately as soon as the transaction is completed.

“Banking has changed drastically since 1909, but our long-standing history is a testament to our bank’s dedication to keeping up with our customer’s needs,” Exchange Bank chairman and CEO Ricky Ray said. Ray referred to the partnership with Pidgin as an example of the bank’s ability to evolve and offer new ways to help its customers “thrive financially.”

Added Pidgin founder and CEO Abhishek Veeraghanta: “Today’s customers are looking for instant payment options to gain more flexibility and control over their transactions. We look forward to empowering Exchange Bank and their customers with more efficient payment options.”

Pidgin leverages its status as a central connection point to the Federal Reserve’s FedNow Service as well as faster payment networks such as The Clearing House’s Real-Time Payment Network. Founded in 2022, the company made its Finovate debut last year at FinovateFall. At the conference, Pidgin demoed its faster payments ecosystem, which enables FIs to send and receive faster payments almost instantly, while providing greater security compared to virtual wallet alternatives.

Pidgin founder and CEO Abhishek Veeraghanta demoing the company’s faster payments technology at FinovateFall 2022.

Headquartered in Atlanta, Georgia, Pidgin was among the first fintechs to secure certification for the FedNow instant payments service launched by the Federal Reserve earlier this year. Also this year, Pidgin announced a new partnership with U.S. Century Bank, a Miami-based institution with more than $2.1 billion in assets. The bank will leverage its new relationship with Pidgin to provide instant payments to its growing customer base of small business owners, professionals, and entrepreneurs based in south Florida.

Other partnerships forged this year by Pidgin include the company’s work with fraud and compliance platform Effectiv (also a Finovate alum) and Community Bankers’ Bank.


Photo by Richard Solano

FinovateFall 2022 Sneak Peek: Pidgin

FinovateFall 2022 Sneak Peek: Pidgin

A look at the companies demoing at FinovateFall in New York on September 12 and 13. Register today and save your spot.

Pidgin makes faster payments possible across different use cases – whether it’s paying a friend back for dinner, accepting payments from customers, paying employees or paying vendor invoices.

Features

Pidgin supports:

  • Sending and receiving faster payments
  • Routing payments directly from one financial institution to another
  • Flexibility when routing payments across different networks

Why it’s great

Pidgin allows financial institutions and their account holders to securely send and receive faster payments with lower fees.

Presenter

Abhishek Veeraghanta, Head of Pidgin
Abhishek Veeraghanta is head of Pidgin and Senior Vice President at VSoft, where he is responsible for overseeing the company’s growth strategies.
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