Pidgin, a secure real-time payments platform built for the future of payments, published its newest eBook, “Faster Payments Playbook: 3 Steps Financial Institutions Should Take to Prepare for FedNow.” This free eBook explores the key steps bank and credit union leaders should take to prepare as faster payments become more widespread with the launch of the Federal Reserve’s FedNow Service.
“The upcoming launch of FedNow means instant payments will gain traction across the country, and as adoption grows, account holder expectations will evolve and new use cases will be revealed.”
Pidgin’s newest eBook outlines the challenges, opportunities and use cases that come with implementing new instant payment systems and how financial institutions can best strategize and monetize their product offerings. This is key, as nearly half of consumers, 46 percent, say they are likely to open a new account with a banking service provider that supports real-time payments, according to a recent 451 Research survey. For financial institutions to remain competitive, a thoughtful payments strategy is essential. Pidgin’s eBook examines how banks and credit unions can ensure their payment offerings exceed account holders’ expectations and address the needs of the communities they serve.
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“As new use cases for faster payments are identified and adoption grows, financial institutions must choose a payments technology that will effectively serve their needs, both now and in the long term,” said Abhishek Veeraghanta, founder and CEO of Pidgin. “The upcoming launch of FedNow means instant payments will gain traction across the country, and as adoption grows, account holder expectations will evolve and new use cases will be revealed.”
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Veeraghanta continued, “Therefore, taking a short-term approach to payments innovation, such as upgrading systems simply to comply with changing regulations, can lead to missed opportunities. There are several considerations bank and credit union leaders should think about before investing in new payments technology to ensure their institution embarks on a payments strategy that effectively serves the needs of customers and members, as well as the needs of their institution. Our latest eBook serves as a resource as financial institutions of all sizes navigate the world of real-time payments.”
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