Exchange Bank and Pidgin Partner for Real-Time Payments

Published 8 months ago

Exchange Bank, a financial institution established in 1909, has teamed up with Pidgin, a cutting-edge real-time payments platform. This partnership aims to provide instant payment services to Exchange Bank’s account holders.

Operating across five branches in Etowah County, Alabama, Exchange Bank offers a wide range of financial products and services. The collaboration with Pidgin will further augment its offerings, enabling swift payments for both retail and commercial account holders across varied use cases.

Instant Payments with Pidgin

The partnership will facilitate direct fund transfers between personal accounts, employee payments, vendor invoice settlements, among other transactions. The payment process involves routing payments directly from one financial institution to another, ensuring almost immediate availability of funds in the recipient’s account upon transaction completion.

Pidgin’s platform bridges to the Federal Reserve’s FedNow® Service and other faster payment networks such as The Clearing House’s Real-Time Payment network. This allows Exchange Bank to send and receive real-time payments on behalf of their account holders.

The flexible network offered by Pidgin will enable the bank to add more value to the faster payment process, ensuring swift delivery of funds at the lowest possible cost.

A Commitment to Customer Needs

Ricky Ray, chairman and CEO of Exchange Bank, highlighted their commitment to meeting the evolving financial needs of their customers. He stated that the bank’s partnership with Pidgin exemplifies their dedication to evolution over the years.

“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”, Ray said. He expressed the bank’s anticipation for the roll-out of faster payments to individuals and businesses that significantly contribute to their community and its economy.

Abhishek Veeraghanta, founder and CEO of Pidgin, also expressed excitement about the partnership. He emphasized the growing consumer demand for instant payment options, and how this partnership will empower Exchange Bank and its customers with more efficient payment options.

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