US Century Bank selects Pidgin for real-time payments

Miami-based US Century Bank has partnered up with paytech firm Pidgin following an “extensive” selection process as it looks to bring real-time payments to its customers.

Pidgin says its platform eliminates the need to use a holding account from a third-party provider or virtual wallet, allowing payments to be “routed directly” from one financial institution to another, thereby ensuring a “more secure” transaction.

The partnership will allow both individual and business customers of US Century Bank to send and receive payments without any waiting or transfer period, with access to funds “almost immediately”.

Pidgin also supports the use of different payment routes including FedNow and same day ACH, meaning US Century Bank can route payments according to speed, cost and network, ensuring payments arrive when an accountholder needs them.

Abhishek Veeraghanta, CEO of Pidgin, says the demand for real-time payments is growing “among consumers and businesses alike” with one in four banks planning to roll out real-time payments in 2023, according to research from Cornerstone Advisors.