ATLANTA, Oct. 2, 2023 – Pidgin, a secure real-time payments platform built for the future of payments, has partnered with Exchange Bank to offer instant payments to its accountholders.
Established in 1909, Exchange Bank serves customers with a full suite of financial products and services online and through five branch locations across Etowah County, Ala. To expand its service offerings and provide real-time payments for customers, Exchange Bank has chosen to partner with Pidgin.
With Pidgin, Exchange Bank can facilitate faster payments for both its retail and commercial account holders for a variety of use cases. Whether transferring funds between personal accounts, paying employees, paying vendor invoices and more – Pidgin supports it all. Payments are routed directly from financial institution to financial institution, which means funds are settled and available almost immediately within the recipient’s account once a transaction is complete.
Pidgin serves as a central connection point to the Federal Reserve’s FedNow® Service and other faster payment networks, including The Clearing House’s Real-Time Payment network. Asa result, Exchange Bank can choose to send and receive real-time payments on behalf of their account holders. Pidgin’s flexible network enables the bank to add even more value to faster payments for their account holders, ensuring funds arrive quickly, at the lowest cost possible.
“We’ve been committed to supporting our growing community since we were founded more than a century ago. Banking has changed drastically since 1909, but our long-standing history is a testament to our bank’s dedication to keeping up with our customers’ needs,” said Ricky Ray, chairman and CEO of Exchange Bank. “Our partnership with Pidgin is the latest example of how Exchange Bank has continued to evolve through the years as we aim to help our customers thrive financially. We look forward to making faster payments available for the individuals and businesses that play a vital role in our community and its economy.”
“Exchange Bank prides itself for taking an active role in its local community and making sure customers’ financial needs are met. Our team is proud to partner with this forward-thinking institution as they get ahead of the curve with faster payments,” said Abhishek Veeraghanta, founder and CEO of Pidgin. “Today’s consumers are looking for instant payment options to gain more flexibility and control over their transactions. We look forward to empowering Exchange Bank and their customers with more efficient payment options.”
About Exchange Bank of Alabama
Exchange Bank proudly serves as Etowah County’s community bank. Since 1909 we have been an active growing part of this community, committed to meeting the needs of the people. This commitment is as strong today as it was over a century ago when we opened our doors as First State Bank of Altoona.
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 Twitter @PidginPayments and LinkedIn.