ATLANTA, July 20, 2023 – Pidgin, a secure real-time payments platform built for the future of payments, now supports live transactions on the Federal Reserve’s new instant payment rail, the FedNow Service. Pidgin is among the first service providers actively facilitating transactions for financial institutions on the service.
Through the FedNow Service, Pidgin is equipped to offer financial institutions access to instant payments, helping them remain competitive by delivering best-in-class service for their customers and members. Pidgin is supporting several of its existing financial institution clients, including correspondent banks and corporate credit unions, offering instant payments with the FedNow Service. Other early adopters of the service include a diverse range of financial institutions and service providers across the U.S.
“As a service provider of the FedNow Service, Pidgin demonstrates dedication to innovation,” said Ken Montgomery, Federal Reserve Bank of Boston first vice president and FedNow Service program executive. “Financial institutions benefit from the ability to offer instant payments through the seamless experience offered by service providers; these critical organizations expand the reach of instant payments and pave the way for industrywide progress.”
To support transaction activities for financial institutions participating in the FedNowService, Pidgin completed a multi-step customer testing and certification program in the months leading up to launch. Pidgin completed a thorough testing curriculum, including a comprehensive checklist that confirms the company’s ability to transmit and process ISO® 20022 messages, and attested to their ability to successfully operate in a 24x7x365 instant payments environment.
“TheFedNow Service is progressing the future of instant payments in the United States, and both merchants and financial institutions can greatly benefit from the new payment ecosystem,” said Abhishek Veeraghanta, founder and CEO of Pidgin. “As one of the first service providers to support transaction activity through the FedNow Service, the team at Pidgin is honored to empower financial institutions and their customers to send and receive payments instantly.”
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 visitwww.pidgin.net or follow them on Twitter @PidginPayments and LinkedIn.
About the FedNow Service
The Federal Reserve Banks developed the FedNow Service to facilitate nationwide reach of instant payment services by financial institutions — regardless of size or geographic location — around the clock, every day of the year. Through financial institutions participating in the FedNow Service, businesses and individuals can send and receive instant payments at any time of day, and recipients have full access to funds immediately, giving them greater flexibility to manage their money and make time-sensitive payments. Access is provided through the Federal Reserve’sFedLine® network, which serves more than 10,000 financial institutions directly or through their agents. For more information, visit FedNowExplorer.org (Off-site).