Pidgin has partnered with Exchange Bank to offer instant payments to its account holders. Exchange Bank serves customers with a suite of financial products and services online and through five branch locations across Alabama. Exchange Bank has chosen to partner with Pidgin, to expand its service offerings and provide real-time payments for customers,
With Pidgin, Exchange Bank can facilitate faster payments for both its retail and commercial account holders. Pidgin supports transferring funds between personal accounts, paying employees, paying vendor invoices and more.
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Faster payments
Payments are routed directly from financial institution to financial institution. This means funds are settled and available almost immediately within the recipient’s account once a transaction is complete.
Pidgin serves as a central connection point to the Federal Reserve’s FedNow service and other faster payment networks. This includes The Clearing House’s Real-Time Payment network. As a result, Exchange Bank can choose to send and receive real-time payments on behalf of their account holders. Pidgin’s flexible network enables the bank to add even more value to faster payments for their account holders, ensuring funds arrive quickly.
Ricky Ray, chairman and CEO of Exchange Bank, said: “We’ve been committed to supporting our growing community since we were founded more than a century ago. Banking has changed drastically since 1909. But our long-standing history is a testament to our bank’s dedication to keeping up with our customers’ needs.
“Our partnership with Pidgin is the latest example of how we have continued to evolve. We look forward to making faster payments available for the individuals and businesses that play a vital role in our community and its economy.”
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By GlobalDataAbhishek Veeraghanta, founder and CEO of Pidgin, added: “Exchange Bank prides itself for taking an active role in its local community and making sure customers’ financial needs are met. Our team is proud to partner with this forward-thinking institution as they get ahead of the curve with faster payments. Today’s consumers 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.”
