ATLANTA, Jan. 17, 2024 – Pidgin, a secure real-time payments platform built for the future of payments, published its newest whitepaper, “The FedNow Service is Here. Now What?” This free resource serves as a practical guide for banks and credit unions to evaluate their level of participation within the network, key decisions to make when getting connected and much more.
Pidgin’s latest whitepaper explores how financial institutions of all sizes can embrace and scale faster payments by connecting to the FedNow Service. Readers will discover how to connect to FedNow, considerations when strategizing their instant payment offerings, as well as how their institution’s internal and external systems may be impacted by the shift to a real-time payments environment.
In 2022, the global real-time payments market was valued at more than $17 billion. By the next decade, real-time payments are expected to grow over 35% and a significant portion of this growth stems from the Federal Reserve’s FedNow Service. As the new service continues to gain traction, financial institutions must strategize their payment operations and determine how supporting faster payments through FedNow will pave the way for new products, use cases and revenue opportunities.
“Real-time payments will gain significant traction this year, following the momentum of the FedNow’s launch last year. This means it’s crucial that financial institutions select a payment system or partner that will effectively serve their operational needs internally, as well as the needs of their customer base,” said Abhishek Veeraghanta, founder and CEO of Pidgin.
Veeraghanta continued, “Financial institutions have several important considerations to make when connecting to the FedNow Service. While the service and its capabilities will certainly evolve over time, there are several promising use cases for faster payments that have the potential to generate revenue and deposit growth for financial institutions today. Our latest whitepaper dives into these use cases, how to participate in the FedNow network, the value of real-time transaction data and the importance of ISO20022. No matter where a financial institution may be on its faster payments journey, Pidgin’s whitepaper ensures banks and credit unions are as informed and prepared as possible in the pursuit of real-time payments.”
To read the full whitepaper, visit Pidgin’s website and download a free copy.
Pidginis a new, innovative and secure faster payments ecosystem, enabling financialinstitutions, business owners and individuals to process transactions fasterand with lower fees. Engineered to deliver innovation both today and inthe future, no matter how payments evolve, Pidgin allows financial institutionsto send and receive faster payments almost instantly, but in a more secure waythan virtual wallet alternatives. When using Pidgin, money is kept within thefinancial institution, as opposed to a holding account owned by a fintechprovider. For more information, please visitwww.pidgin.net or follow them on Twitter @PidginPaymentsand LinkedIn.