ICBA Payments Partners with Pidgin to Empower Community Banks with Instant Payment Offerings
Washington, D.C. (July 30, 2024)—ICBA Payments, the payments subsidiary of the Independent Community Bankers of America (ICBA), announced today a new partnership with Pidgin to facilitate instant payments for the nation’s community banks.
"The demand for faster payments continues to grow," ICBA Senior Vice President, Head of Product and Strategy Nick Denning said. "While many community banks are connected to the FedNow network, most are still in a receive-only capacity. Pidgin’s proven track record and ThinkTECH Accelerator alumnus status make them an ideal partner for helping community banks accelerate the adoption of instant payments and enhance service delivery to their customers and communities.”
Pidgin is a secure faster payments platform that serves as a single solution to send and receive faster payments directly from customer accounts with payments routed directly between financial institutions. The company’s technology serves as a central connection point to the FedNow Service and other faster payment networks, enabling community banks to easily deliver instant payment options to their customers for a variety of use cases. Since the platform eliminates the need to use a holding account by a third-party provider or a virtual wallet, Pidgin facilitates safer, more secure transactions.
“ICBA Payments has long been committed to serving community banks as they navigate the ever-changing payments landscape,” said Abhishek Veeraghanta, founder and CEO of Pidgin. “We are proud to partner with such an esteemed organization and look forward to what we can accomplish together to supercharge real-time payments adoption and help community banks remain responsive and competitive in today’s fast-paced market.”
Pidgin continues to gain traction in the community banking space, having partnered with Community Bankers’ Bank, Exchange Bank, U.S. Century Bank, and several others in the last year. In addition to its rapidly growing client base, Pidgin was also selected to participate in the renowned ICBA ThinkTECH Accelerator program, which has connected innovative fintech companies with more than 1,400 community bankers and industry leaders.
About ICBA Payments
ICBA Payments, a wholly owned subsidiary of the Independent Community Bankers of America® (ICBA), has been managing payment solutions for the nation's community banks since 1985. The organization helps power ICBA members through innovation and education related to payments solutions—assisting community banks in navigating the payments ecosystem and selecting suitable offerings at favorable pricing.
About Pidgin
Pidgin is an innovative and secure faster payments ecosystem that enables financial institutions, business owners, and individuals to process transactions quickly and with lower fees. Engineered for both current needs and future developments in payment processing, Pidgin allows financial institutions to send and receive faster payments almost instantly while maintaining higher security than virtual wallet alternatives by keeping money within financial institutions instead of third-party holding accounts.