Pidgin a secure real-time payments platform built for the future of payments, has partnered with Independent Correspondent Bankers’ Bank (ICBB) to provide real-time payments to ICBB’s network of community banks. ICBB has banks throughout Kentucky, West Virginia, Ohio, Illinois, Tennessee, and Indiana.
ICBB has engaged Pidgin to facilitate real-time payments for its community bank partners and their account holders. ICBB will extend Pidgin’s faster payments platform to its community bank customers, giving these institutions the tools needed to process transactions in real time and via multiple payment rails, including the FedNow Service and The Clearing House’s Real-Time Payments Network.
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Equipping community banks
ICBB and its bank partners will leverage Pidgin’s platform, which features a unique administration portal, user-centric front-end applications, and developer-friendly APIs. When using Pidgin, money is kept within the financial institution, as opposed to a holding account owned by a fintech provider, ensuring funds are safe and secure throughout the transaction. There is no waiting or transfer period and once a transaction is complete, funds are available almost immediately. With Pidgin, ICBB will equip more community banks to offer instant payments for their retail and business account holders across a variety of use cases.
Derek Hetherington, President and CEO of Independent Correspondent Bankers’ Bank said: “At ICBB, we’re committed to providing superior customer service and the latest technology to our network of community banks. Independent community banks play a vital role in their local economies, and we strive to arm these institutions with the same compelling product and service offerings that the largest banks in the U.S. provide. We believe faster payments should be accessible for individuals and businesses, regardless of where they bank. Our team is proud to partner with Pidgin and extend the benefits of instant payments to the banks we serve and ultimately, their customers.”
Abhishek Veeraghanta, founder and CEO of Pidgin added: “According to Research, nearly half of consumers said they are likely to open a new account with a banking service provider that supports real-time payments. This means that banks must carefully examine their readiness for real-time payments,”. “Through our partnership, Independent Correspondent Bankers’ Bank and its network of community banks stand to gain a competitive advantage by making faster payments possible for their customers. We are proud to work with such a mission-driven institution and further fuel adoption of real-time payments.”
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