Pidgin partners with Corelation to enable real-time payments for credit unions nationwide

June 3, 2024

Pidgin, a secure real-time payments platform, has partnered with Corelation Inc. to enable more credit unions to offer real-time payments to their members through Pidgin’s payments ecosystem.

The partnership is designed to support credit unions in implementing real-time payments. According to Cornerstone’s “What’s Going On In Banking” report, more than one-third of credit unions plan to implement real-time payments by the end of this year, with another 34% planning to implement by 2025 or later.

Pidgin offers a comprehensive solution for credit unions looking for smarter, faster, and safer payment options.

Its platform serves as a central connection point to the FedNow Service and other faster payment networks. This integration allows credit unions to easily deliver instant payment options to their members for various use cases. Pidgin’s technology facilitates the exchange of data between a credit union’s core processing system, third-party apps, and multiple payment networks.

Corelation, founded in 2009, focuses on driving innovation in the credit union space. Its partnership with Pidgin allows credit unions to adopt and scale real-time payments efficiently.

This collaboration helps credit unions onboard preferred faster payments channels and embrace real-time payments based on their operational preferences and member needs. Corelation’s KeyStone system will be integral to this process, ensuring seamless integration and support.

The partnership will equip credit unions with the necessary infrastructure to support 24/7 transaction processing, even outside traditional business hours. As real-time payments gain traction, credit unions must be prepared with the right infrastructure to stay competitive.

Tim Maron, chief revenue officer of Corelation, said, “At Corelation, we are continuously looking for ways to help our credit union clients get more from their core and IT solutions to better serve members and maximise opportunities for growth. Instant payments are quickly becoming a competitive differentiator for the financial institutions that offer them and by partnering with Pidgin, we can provide our clients with the infrastructure and consultative support they need to give their members the faster payment options they expect.”

Abhishek Veeraghanta, founder and CEO of Pidgin, added, “Credit unions are particularly bullish on real-time payments, as more than one-third plan to implement real-time payments by the end of this year, according to Cornerstone’s What’s Going On In Banking report. Another 34% plan to implement in 2025 or later. Our partnership with Corelation will help make those plans a reality. We look forward to working with Corelation’s reputable team and empowering more credit unions to transform their payment operations.”