US-based Exchange Bank has partnered with real-time payments platform Pidgin to secure faster payments for retail and commercial account holders. Exchange Bank, in operation since 1909, offers a range of financial products and services, accessible online and through its five branch locations.

By joining forces with Pidgin, the bank aims to expand its service portfolio and provide immediate payment solutions to its customers. Through Pidgin's platform, Exchange Bank can facilitate rapid payments for both retail and commercial account holders, catering to various financial needs. These services encompass transfers between personal accounts, employee payroll disbursements, vendor invoice settlements, and more.

Transactions made via Pidgin are directed from one financial institution to another, resulting in swift and almost instantaneous availability of funds in the recipient's account upon completion of a transaction. Pidgin serves as a central hub, connecting Exchange Bank to the Federal Reserve's FedNow Service and other real-time payment networks, including The Clearing House's Real-Time Payment network. This integration enables Exchange Bank to send and receive real-time payments on behalf of its account holders.

Pidgin's adaptable network also enables the bank to provide additional value by ensuring funds reach their destination promptly and cost-effectively. Representatives from Exchange Bank highlighted the institution's dedication to evolving and meeting the financial needs of its community. They also emphasised the partnership with Pidgin and referred to it as a testament to their commitment to supporting customers in achieving financial success.

In the company press release, officials from Pidgin noted Exchange Bank's proactive approach to staying ahead in the rapidly changing financial landscape. They highlighted the growing demand among consumers for instant payment choices, enabling greater flexibility and control over transactions. In essence, Pidgin aims to empower Exchange Bank and its customers with more efficient payment alternatives.

More information about the two companies According to the company press release, Exchange Bank is a US-based community bank that has remained steadfast in its commitment to serving the people since its inception in 1909. Pidgin, on the other hand, represents a secure payments ecosystem that was designed to facilitate faster and more cost-effective transactions for financial institutions, business owners, and individuals. Pidgin's platform ensures rapid payment processing while maintaining a high level of security, distinguishing it from virtual wallet alternatives.

Notably, Pidgin retains funds within the financial institution rather than in a third-party fintech provider's holding account with the aim of improving financial security. .