Tassat® Group Inc., the leading provider of private blockchain-based real-time solutions for FDIC insured banks and their business-to-business (B2B) clients, today announced that its flagship product, TassatPay has processed over $1 trillion in transactions, reinforcing its status as the most trusted blockchain-based platform for the banking industry.
Launched in 2019, TassatPay is the only private permissioned blockchain-based platform for B2B payments that is fully deployed within the U.S. banking system. TassatPay provides secure, real-time B2B payment capabilities 24/7/365. It also enables banks to utilize comprehensive Smart Contract capabilities and fully integrated Fedwire functionality.
“At Tassat, we are dedicated to providing banks with the tools they need to compete and win in an increasingly digital economy. TassatPay exceeding $1 trillion in transactions is a major milestone and a testament to Tassat Group’s ongoing innovation within the financial services industry,” said Kevin R. Greene, Chairman and CEO of Tassat Group. “Our approach has always been to empower banks and enable them to serve their corporate clients better. TassatPay’s success shows that secure, efficient, instant, and customized payment solutions are within reach for all financial institutions and their corporate clients.”
“Corporate financial executives want the same instantaneous payments around the clock they enjoy in their daily lives. But they also want to be assured of privacy, security, and the ability to customize payments to serve their business needs. The banks using TassatPay are able to deliver those capabilities and their corporate clients love it,” Greene added.
To date, Western Alliance Bank (NYSE: WAL), Signature Bank (NASDAQ: SBNY), Customers Bank (NYSE: CUBI), Axos Bank (NYSE: AX), Byline Bank (NYSE: BY), and Cogent Bank have adopted TassatPay. Tassat has developed more than 20 use cases, including logistics, mortgage warehousing, commercial construction, private equity capital calls, as well as broader working capital applications for banks’ corporate clients. The results have created strong corporate banking relationships, increased deposits, and opportunities to provide other profitable financial services.
Tassat’s private permissioned blockchain solutions are accessible only to FDIC-insured US banks and their clients who are the only parties permitted to view data and transactions on the TassatPay platform.
“In January alone, TassatPay processed over $150 billion in transactions, which shows the ongoing demand and the volume at which our banking partners are leveraging the platform. The future of banking lies within the security and flexibility of private, permissioned blockchain technology,” said Glendy Kam, Chief Product Officer of Tassat Group Inc.
In addition to TassatPay, Tassat launched The Digital Interbank Network in October 2022, the world’s first private, permissioned blockchain-based payments network that operates entirely within the U.S. regulatory framework. The Network is composed of FDIC-insured banks transacting real-time payments and performing other banking services between their corporate clients via a private, permissioned blockchain.
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