ATLANTA--(BUSINESS WIRE)--Pidgin, a secure real-time payments platform built for the future of payments, has been invited to participate in the Independent Community Bankers of America’s (ICBA) fifth annual ThinkTECH Accelerator program.
The ICBA ThinkTECH Accelerator program is designed to foster collaboration between fintechs and community financial institutions through a comprehensive 10-week program that promotes the continuous advancement of community bank innovation. Since 2018, the ICBA ThinkTECH Accelerator program has connected the most innovative, cutting-edge fintech companies in the world with more than 1,000 community bankers and industry leaders. Following a rigorous selection process that involved vetting hundreds of applicants, Pidgin was among the six fintech companies chosen for this year’s cohort, a testament to the strength of Pidgin’s product offerings.
“Instant payments are creating new opportunities for banks to serve the needs of their local communities and account holders increasingly expect to be able to transact in real time. According to research, nearly half of consumers say they are more likely to open an account with a bank that offers real-time payments and among businesses, demand is even higher, with 90 percent of businesses wanting faster payments for their operations this year,” said Abhishek Veeraghanta, founder and CEO of Pidgin.
Veeraghanta continued, “We are proud to join this year’s ICBA ThinkTECH Accelerator program to help more community banks adapt their payment strategies and product offerings to meet the growing demand for real-time payments.”
“In today’s rapidly evolving banking landscape, faster payments support is both a key concern and critical component for community banks, especially in light of the upcoming FedNow launch,” ICBA Executive Vice President and Chief Innovation Officer Charles E. Potts said. “That’s why it’s so important that we are able to help foster and develop innovative solutions like Pidgin’s platform. We are pleased to welcome them to this year’s ICBA ThinkTECH Accelerator program and are excited to support the company’s growth, journey and impact on the future of community banking.”
Pidgin makes faster payments possible across different use cases – whether it’s paying a friend back for dinner, accepting payments from customers, paying employees, paying vendor invoices and more. With Pidgin, payments are routed directly from financial institution to financial institution. Since the solution eliminates the need to use a holding account by a third-party provider or a virtual wallet, Pidgin facilitates a more secure transaction process with lower fees. Once a transaction is complete, funds are settled and available almost immediately within the recipient’s account.
Pidgin is a new, innovative and secure faster payments ecosystem, enabling financial institutions, business owners and individuals to process transactions faster and with lower fees. Engineered to deliver innovation both today and in the future, no matter how payments evolve, Pidgin allows financial institutions to send and receive faster payments almost instantly, but in a more secure way than virtual wallet alternatives. When using Pidgin, money is kept within the financial institution, as opposed to a holding account owned by a fintech provider. For more information, please visit www.pidgin.net or follow them on Twitter @PidginPayments and LinkedIn.
The Independent Community Bankers of America creates and promotes an environment where community banks flourish. ICBA is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education, and high-quality products and services. With nearly 50,000 locations nationwide, community banks employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding $5.8 trillion in assets, $4.8 trillion in deposits, and $3.8 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.