Irondale, AL - March 21, 2024 – First Florida Credit Union, headquartered in Jacksonville, FL, is the first credit union to go live on both the RTP Network and FedNow Service to receive payments via the Pidgin Exchange payments platform. Members of First Florida can now instantly receive payments and access funds transferred to them using either of these payment rails, 24/7/365.
First Florida partnered with Corporate America Credit Union to utilize Pidgin Exchange to connect to both networks to further member capability in the faster payments arena.
“Increasingly, members want real-time solutions for their banking needs,” said Brent Lister, President and CEO of First Florida. “Incorporating RTP and FedNow payment rails into our transfer infrastructure removed a barrier to immediate access to transferred funds. The decision aligns with our promise to listen and be responsive to our members' needs.”
Pidgin Exchange is a service provider providing technology that enables transactions to move across either the RTP or FedNow rails. “We look forward to supporting this member-focused institution and further fueling the adoption of real-time payments across the country,” said Abhishek Veeraghanta, founder and CEO of Pidgin.
Corporate America Credit Union is not only working with Pidgin and First Florida to facilitate these transactions, but will also serve as the settlement point for the credit union. Chief Innovation Officer, Lisa Coffey is extremely passionate about credit unions staying competitive and relevant in today’s landscape of digital payments. “Our industry must remain vigilant when it comes to new payment channels and giving our members what they want. Consumers have proven they want fast, easy, and reliable ways to move money and CACU is dedicated to offering these solutions.”
Pidgin Exchange offers an open API, meaning core providers can connect easily for a seamless body of work. For more information emailservices@corpam.org.
About Corporate America Credit Union
Different Starts Here is our motto – but what exactly does that mean? It means we think differently, act differently and treat our members differently with a common goal – to truly add value to your organization. Founded in 1982 and based in Irondale, Alabama, Corporate America Credit Union is a dedicated, not-for-profit financial cooperative governed by a board of directors elected from and by our member-owner credit unions. With more than 500 credit unions across the nation, we boast a comprehensive list of products and services including investments, liquidity solutions, and correspondent services such as ACH, item processing, and remote deposit capture. Our priority is our members’ future success. Let us pay you a visit – we know a partnership with CACU will be beneficial - (800) 292-6242 or visit www.corpam.org.
About First Florida Credit Union
First Florida Credit Union, headquartered in Jacksonville, operates 19 branches throughout the state of Florida. The organization’s guiding mission is to support its members’ financial aspirations by providing affordable finance products and services delivered with outstanding member service. For more information, visit FirstFlorida.org.
About Pidgin
Pidgin 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 visit www.pidgin.net or follow them on X @PidginPayments and on LinkedIn.
