US-based payments platform Pidgin has announced a partnership with U. S.

Century Bank to provide the latter’s customer base with real-time payments. Having more than USD 2. 1 billion in assets and activating for over 20 years, U.

S. Century Bank is committed to serving business owners, professionals, and entrepreneurs in the South Florida community, and has selected Pidgin as a fintech partner to provide instant payments to their customers, thus offering them a fast, easy, and secure way to send and receive payments. Real-time payments and collaboration details As per the information detailed in the press release, Pidgin helps route payments directly from one financial institution to another and eliminates the need to leverage a holding account by a third-party provider or a virtual wallet, thus helping facilitate an increasingly secure transaction.

Following the collaboration with Pidgin, U. S. Century Bank is set to be enabled to support expedited payments across various use cases.

For personal accounts, Pidgin acts as a single solution for sending and receiving payments straight from a checking account, with no waiting or transfer period, with the funds being available almost immediately following the completion of the transaction. For businesses and merchants, Pidgin simplifies real-time payment acceptance from customers with no waiting or transfer periods. Businesses are provided with faster access to their funds, which enables them to pay employees and vendor partners in a quicker manner.

What is more, Pidgin supports the use of different payment routes, such as FedNow, and real-time payments, together with same-day ACH. As such, U. S.

Century Bank is set to be enabled to route payments according to speed, cost, and network, which helps ensure that payments arrive when the accountholder needs them, at the lowest cost possible. Commenting on the announcement, Andres Collazo EVP and Head of Information Technologies and Operations for U. S.

Century Bank advised that the bank provides technology for its customers that helps simplify the banking process, and it aims to adapt to the evolution of technology and address its customers’ needs leveraging banking, payments, and technology solutions. As per their statement, Pidgin’s real-time payment platform is believed to help enable the bank to maintain its ‘competitive edge’ while simultaneously facilitating an improved customer experience. Adding on the news, Abhishek Veeraghanta, CEO of Pidgin advised that there is an increase in the demand for real-time payments for consumers and businesses alike, with approximately one in four banks looking to roll out real-time payments in 2023, as per research from Cornerstone Advisors, with the belief being that this is the most suitable time for banks to join hands with a fintech partner that aligns with their goals and mission.

The spokesperson added that U. S. Century Bank is getting ‘ahead of the curve’ and making real-time payments available for its customers, and Pidgin is looking forward to the collaboration and assisting them in doing so.

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