ATLANTA, Oct. 16, 2023 – Pidgin, a secure real-time payments platform built for the future of payments, has partnered with Independent Correspondent Bankers’ Bank (ICBB) to provide real-time payments to ICBB’s network of community banks throughout Kentucky, West Virginia, Ohio, Illinois, Tennessee, and Indiana. Chartered in 1988 as a bankers’ bank and based in Frankfort, Kentucky, ICBB’s mission is to provide high-quality correspondent banking services that help community financial institutions grow and prosper in today’s competitive market. ICBB has engaged Pidgin to facilitate real-time payments for its community bank partners and their account holders. ICBB will extend Pidgin’s faster payments platform to its community bank customers, giving these institutions the tools needed 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 will leverage Pidgin’s platform, which features a uniquely 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, ensuring funds are safe and secure throughout the transaction. There is no waiting or transfer period and once a transaction is complete, funds are available almost immediately. With Pidgin, ICBB will equip more community banks to offer instant payments for their retail and business account holders across a variety of use cases. “At ICBB, we’re committed to providing superior customer service and the latest technology to our network of community banks,” said Derek Hetherington, president and CEO of Independent Correspondent Bankers’ Bank. “Independent community banks play a vital role in their local economies, and we strive to arm these institutions with the same compelling product and service offerings that the largest banks in the U.S. provide. We believe faster payments should be accessible for individuals and businesses, regardless of where they bank. Our team is proud to partner with Pidgin and extend the benefits of instant payments to the banks we serve and ultimately, their customers.” “According to 451 Research, nearly half of consumers said they are likely to open a new account with a banking service provider that supports real-time payments – meaning that banks must carefully examine their readiness for real-time payments,” said Abhishek Veeraghanta, founder and CEO of Pidgin. “Through our partnership, Independent Correspondent Bankers’ Bank and its network of community banks stand to gain a competitive advantage by making faster payments possible for their customers. We are proud to work with such a mission-driven institution and further fuel adoption of real-time payments.” About Independent Correspondent Bankers’ BankChartered in 1988, as a bankers' bank, Independent Correspondent Bankers' Bank has enjoyed providing community banks with personalized correspondent banking services for more than 35 years. ICBB is organized to only do business with banking institutions and is owned solely by the customer banks it serves. ICBB's purpose is to focus on the needs of community banks; and provide the products and services that matter most. Helping community banks compete in today's extremely competitive market is a job that we take very seriously. Keeping your institution's capital local will ensure that community banking throughout Kentucky, West Virginia, Ohio, Illinois, Tennessee, and Indiana will continue to thrive. For more information on ICBB's products and services please contact one of our Correspondent Banking Professionals at 800-248-3229 or visit www.icbb.bank. About PidginPidgin 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.
