Florida-based U.S. Century Bank announced it has partnered with Atlanta-based fintech Pidgin to bring real-time payments to its growing customer base.
By teaming with Pidgin, the bank will be able to support faster payments across various use cases.
“U.S. Century Bank provides the latest state-of-the-art technology for our customers that simplifies the banking process. As part of that mission, we strive to adapt as technology evolves and serve our customers with world-class banking, payment and technology solutions,” said Andres Collazo, EVP and Head of Information Technologies and Operations for U.S. Century Bank. “That’s why we chose to partner with Pidgin. With their real-time payment platform, our bank will maintain its competitive edge while also facilitating a more positive customer experience.”
Since Pidgin payments are routed directly from financial institution to financial institution, the platform eliminates the need to use a holding account by a third-party provider or a virtual wallet. There is no waiting or transfer period, and funds are almost immediately available once the transaction is complete.
Similar to Scottsdale-based Zelle and the newly launched "FedNow" by the Federal Reserve, more banks are partnering with money exchange services that don't charge its users a fee or make them wait a few days to send and receive money.
With Pidgin, businesses and merchants can accept real-time payments from customers, allowing companies to get access to their funds faster and, as a result, pay employees and vendor partners quicker.
“The demand for real-time payments is growing, among consumers and businesses alike. With nearly one in four banks planning to roll out real-time payments in 2023, according to research from Cornerstone Advisors, there is no better time than now for banks to search for a fintech partner that aligns with their goals and mission,” said Abhishek Veeraghanta, CEO of Pidgin. “U.S. Century Bank is getting ahead of the curve and making real-time payments possible for the customers they serve. We look forward to our partnership.”
