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United Bankers' Bank Offers Pidgin to its More Than 1,000 Community BanksPidgin, a secure real-time payments platform built for the future of payments, announced that United Bankers' Bank, the nation's first bankers' bank, is extending the platform to its more than 1,000 community banks across the West Coast to the Great Lakes and South Atlantic. United Bankers' Bank is making Pidgin available to its network of community banks, providing them with a fast, easy and secure way to send and receive payments. With Pidgin, payments are routed from financial institution to financial institution without a middleman holding funds. Customers' money is hosted by the financial institution and transferred from their account directly to the payee's account, which can either be an individual's personal account or a merchant account. Engineered to deliver innovation both today and in the future, no matter how payments evolve, Pidgin 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. Additionally, Pidgin offers a more secure payment method 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, resulting in a more secure process. Mary Williams, Executive Vice President and Chief Operations Officer of United Bankers' Ban, said, "Consumers and businesses alike increasingly expect faster and more convenient ways to send and receive payments. That's why we're partnering with Pidgin. We're excited to make this available to our community bank members and help them offer the services their customers expect." Financial institutions, business owners and individuals are all looking for transactions that are processed faster and with lower fees. With Pidgin, United Bankers' Bank's community bank members will keep the money in their institution. It is never sent to a wallet or to another holding institution. Serving both business (merchant) accounts and personal accounts, Pidgin will increase the value of its digital offerings. Pidgin will allow business customers to accept real-time payments from customers with no waiting or transfer period. As a result, businesses have access to their funds faster and can pay employees quicker. For consumers, Pidgin is a single solution to send and receive payments directly from a checking account. There is no waiting or transfer period. Once a transaction is complete, funds are available almost instantly. "According to a recent report, the global market value of real-time payments reached $10.6 billion in 2020 and is expected to grow at a compound annual growth rate of about 33% through 2028," said Abhishek Veeraghanta, Head of Pidgin. "It's clear there is growing demand for faster payments, and financial institutions, like United Bankers' Bank, are expanding access in response. We look forward to working with them to make faster payments available to their more than 1,000 community banks and their customers." About Pidgin Pidgin, powered by VSoft Corporation, 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 call 770-225-7692, or visit www.vsoftcorp.com, or follow them on Twitter @VSoft_Corp and LinkedIn.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220801005051/en/ |
