Real-time payments platform Pidgin has announced a partnership with Independent Correspondent Bankers’ Bank (ICBB) . The collaboration seeks to provide real-time payments to ICBB’s network of community banks throughout Kentucky, West Virginia, Ohio, Illinois, Tennessee, and Indiana.

Real-time payments and what the ICBB – Pidgin partnership entails Per the announcement information, chartered in 1988 as a bankers’ bank and based in Frankfort, Kentucky, ICBB seeks to offer high-quality correspondent banking services that help community financial institutions (FIs) grow and succeed in the current competitive market. ICBB has engaged Pidgin to enable real-time payments for its community bank partners and their account holders. What is more, ICBB is set to extend Pidgin’s faster payments platform to its community bank customers, providing these institutions with the tools required to process transactions in real-time and via multiple payment rails, including the FedNow Service and The Clearing House’s Real-Time Payments Network.

ICBB and its bank partners are set to leverage Pidgin’s platform featuring a powerful administration portal, user-centric front-end applications, and developer-friendly APIs. When using Pidgin, money is kept within the financial institution, as opposed to a holding account owned by a fintech provider, helping ensure funds are safe and secure throughout the transaction. There is no waiting or transfer period, and once the transaction is complete, funds are made available in an almost immediate manner.

Furthermore, with Pidgin, ICBB is set to equip more community banks to provide instant payments for their retail and business account holders across varied use cases. When commenting on the news, ICBB representatives said that the company is committed to offering improved customer service and the most up-to-date technology to its network of community banks, as these are considered vital in their local economies, and ICBB seeks to equip such institutions with the compelling product and service offerings that the largest US-based banks provide. Having the belief that faster payments should be accessible for individuals and businesses alike no matter where they bank, ICBB is partnering with Pidgin to extend the benefits of instant payments to the banks it serves and ultimately, their customers.

More to this point, Pidgin officials said that as per 451 Research, approximately half of consumers confirmed that they are likely to open a new account with a banking service provider that supports real-time payments, meaning that banks should examine their readiness for real-time payments. Within this context, the spokesperson believes the partnership to enable Independent Correspondent Bankers’ Bank and its network of community banks to gain a competitive advantage by making faster payment possible for their customers. The company official expressed contempt for collaborating with a mission-driven institution, and they look forward to furthering the adoption of real-time payments.

Pidgin’s offering and mission A secure faster payments ecosystem, Pidgin enables financial institutions, business owners, and individuals to process transactions in an expedited manner, and with lower fees. Pidgin helps financial institutions send and receive faster payments almost instantly, in an increasingly secure manner than when compared with virtual wallet alternatives. .