The Bankers Bank Partners with Pidgin to Enable Faster Payments for More Than 250 Community Banks
ATLANTA–(BUSINESS WIRE)–Pidgin, a secure real-time payments platform built for the future of payments, announced that The Bankers Bank, a leading provider of correspondent services to community banks with more than $200 million in assets, is extending the platform to its more than 250 banks across Oklahoma, Texas and New Mexico.
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 accountholder 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 percent 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.”
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.