Pidgin’s new eBook explores the key steps banking and credit union leaders should take to prepare for the widespread adoption of faster payments once the Federal Reserve’s FedNow Service starts to operate in late July.
The eBook outlines the challenges, opportunities and use cases of implementing instant payment systems. In addition, it seeks to explain how financial institutions (FIs) can best strategise and monetise their product offerings.
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Abhishek Veeraghanta, CEO and founder of Pidgin, commented: “As new use cases for faster payments are identified, and adoption grows, FIs must choose a payments technology that will effectively serve their needs, both now and in the long term.
“The upcoming launch of FedNow means instant payments will gain traction across the country, and as adoption grows, account holder expectations will evolve, and new use cases will be revealed”, Abhishek added. “Therefore, taking a short-term approach to payments innovation, such as upgrading systems simply to comply with changing regulations, can lead to missed opportunities.”
Pidgin helps FIs, business owners, and individuals process transactions faster and with lower fees. In March 2023, the company partnered with Effectiv, giving institutions access to Pidgin’s faster payments platform and Effectiv’s fraud mitigation tools.
The collaboration was designed to enable FIs to complete transactions faster and flag any threats in real-time.
“There are several considerations bank and credit union leaders should consider before investing in new payments technology to ensure their institution embarks on a payments strategy that effectively serves the needs of customers and members, as well as the needs of their institution”, Veeraghanta noted. “Our latest eBook serves as a resource as financial institutions of all sizes navigate the world of real-time payments.”
