Real-time payments platform Pidgin now available
ORLANDO, FLA (March 7, 2022) — Pidgin is a financial institution’s introduction to faster payments. 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. VSoft’s latest payments platform 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.
On the Pidgin Network, payments are routed from financial institution to financial institution without a middleman holding funds. Accountholders’ money is hosted by the financial institution. When a Pidgin user makes a payment, the money is transferred from their account directly to the payee’s account, which can either be an individual’s personal account or a merchant account.
Not only does Pidgin offer a solution for real-time payments, but it does so more securely 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. With the security of money top of mind for consumers, there is no safer place than a federally-insured financial institution.
Currently, Corporate America Credit Union (CACU), a not-for-profit financial cooperative serving credit unions throughout the U.S., has extended the platform to its more than 500 credit union members. Additionally, United Bankers’ Bank, the nation’s first and the upper Midwest’s largest bankers’ bank, is also extending the platform to its more than 1,000 community banks across the West Coast to the Great Lakes and South Atlantic.
“According to McKinsey’s 2021 Digital Payments Consumer Survey, more than four in five Americans used some form of digital payment in 2021, continuing a growing trend,” said Abhishek Veeraghanta, Head of Pidgin. “In fact, the 82 percent of Americans who used digital payments last year exceeds the 72 percent of five years ago. As consumers and businesses increasingly expect faster and more convenient ways to make and accept payments, Pidgin is a gamechanger. We look forward to working with our financial institution clients to bring Pidgin to their accountholders.”
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 Twitter @PidginPayments and LinkedIn.
