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.
“As a service provider of the FedNow Service, Pidgin demonstrates dedication to innovation”
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.
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“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 FedNow Service, 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.
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“The FedNow 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.”
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