Bloomington, Minn.-based United Bankers’ Bank will launch the instant payments solution Pidgin in time for the launching of the FedNow program.
UBB will use Pidgin, which is developed by the software company VSoft Corporation, to allow customers to receive only payments or to both send and receive payments 24/7, 365 through peer-to-peer, consumer-to-business, business-to-consumer and business-to-business payments. The Pidgin network will combine UBB UNET’s biometric fingerprint authentication with Pidgin’s SSL internet data encryption.
UBB will inform customers when the product is ready for use.
“As a pilot bank for FedNow, we are excited to have a solution for banks of any size, large or small, to communicate with any instant payment channel when FedNow is up and running,” said UBB President and CEO Dwight Larsen. “Regardless of a bank’s participation in FedNow, we will have a solution.”