Pidgin’s real time payments platform now available to financial institutions
By Edlyn Cardoza
Pidgin, a secure, real-time payments platform built for the future of payments and powered by VSoft, recently announced from ePayConnect 2022 that it is now available to financial institutions and organizations in need of securely and quickly sending and receiving payments.
Pidgin is a financial institution’s introduction to faster payments. Engineered to deliver innovation today and in the future, Pidgin allows financial institutions to send and receive faster payments no matter how payments evolve. VSoft’s latest payments platform consists of four faster payments modules to support all consumer touchpoints, including Peer-to-Peer, Consumer-to-Business, Business-to-Consumer and Business-to-Business.
On the Pidgin Network, payments are routed from financial institutions to financial institutions without a middleman holding funds. The financial institution hosts accountholders’ money. When a Pidgin user makes a payment, the money is transferred from their account directly to the payee’s account, which can either be an individual’s personal account or a merchant account.
Not only does Pidgin offer a solution for real-time payments, but it does so more securely than virtual wallet alternatives. When using Pidgin, money is kept within the financial institution instead of a holding account owned by a FinTech provider. With the security of money top of mind for consumers, there is no safer place than a federally insured financial institution.
Currently, Corporate America Credit Union (CACU), a not-for-profit financial cooperative serving credit unions throughout the U.S., has extended the platform to more than 500 credit union members. Additionally, United Bankers’ Bank, the nation’s first and the upper Midwest’s largest bankers’ bank, extends the platform to its more than 1,000 community banks across the West Coast to the Great Lakes and South Atlantic.
“According to McKinsey’s 2021 Digital Payments Consumer Survey, more than four in five Americans used some form of digital payment in 2021, continuing a growing trend,” said Abhishek Veeraghanta, Head of Pidgin. “In fact, the 82 percent of Americans who used digital payments last year exceeds the 72 percent of five years ago. As consumers and businesses increasingly expect faster and more convenient ways to make and accept payments, Pidgin is a gamechanger. We look forward to working with our financial institution clients to bring Pidgin to their accountholders.”
IBSi Daily News Analysis
June 08, 2023
The deep dive: payment systems in NetherlandsRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage