Pidgin, a secure, real-time payments platform built for the future of payments, has partnered with Effectiv, a fraud-fighting and compliance automation platform “to help financial institutions monitor transactions to detect and prevent payments fraud in real time.”
Through the partnership, financial institutions using Pidgin’s faster payments platform will now “have access to Effectiv’s robust fraud mitigation tools.”
With machine learning-driven fraud protection and AML/BSA parameters, Effectiv’s transaction monitoring and payment fraud detection solutions “help keep account holders’ money secure while reducing fraud losses for financial institutions.”
Effectiv complements Pidgin’s faster payment platform “to help financial institutions of all sizes detect and flag threats in real-time across transaction types.”
Pidgin’s financial institution clients can now “utilize Effectiv’s solutions to enhance compliance and risk management, ensuring all transactions are processed appropriately without sacrificing speed or being exposed to additional fraud or security threats.”
With a mission to make faster payments possible, no matter how they evolve, Pidgin serves as a single solution “to send and receive faster payments directly from a checking account. Payments are routed directly from financial institution to financial institution.”
Since the platform eliminates the need to use a holding account by a third-party provider or a virtual wallet, Pidgin “facilitates a more secure transaction.”
Together, Effectiv and Pidgin make it easier for financial institutions “to proactively fight fraud and mitigate risk by leveraging real-time transaction data with state-of-the-art fraud protection tools.”
Ravi Sandepudi, co-founder and CEO of Effectiv, said:
“As adoption of faster payments grows, many financial institutions are concerned about the implications for fraud prevention and risk management. Our team ensures financial institutions, regardless of their size, stay secure as fraud continues to evolve and faster payments become more widespread. By partnering with Pidgin, we can help more banks and credit unions across the country get ahead of risk and protect their account holders while offering the latest payment options that today’s consumers and businesses want.”
Abhishek Veeraghanta, founder and CEO of Pidgin, said:
“The team at Pidgin is thrilled to offer Effectiv’s sophisticated fraud mitigation tools to our clients. Financial institutions are quickly realizing the potential of the rich data that comes with instant payments. With Effectiv, Pidgin offers a new way for financial institutions to leverage that transaction data and use it to combat fraud more holistically and effectively without relying on time-consuming back-end processes and manual workflows, which can make it difficult to process payments in a real-time environment. We look forward to our relationship with Effectiv, as more community banks and credit unions seek to adapt their back-office operations and risk management workflows to keep up with faster payments.”
As noted in the update, Pidgin 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.”