Cryptocurrency News That Matters

Major Bank Plans To Let Customers Take Advantage Of Blockchain Technology

A cutting edge provider of blockchain-based financial solutions has teamed up with a major bank to offer the bank’s B2B customers blockchain based payments.

Tassat, the blockchain company, recently announced the partnership with Cogent bank.

The payments are made in real time, and made using a platform fully developed in the US banking system. TassatPay™ enables banks to provide their clients with instantaneous, secure, real-time payments 24/7/365.

Providing our B2B clients with instantaneous payments using the power of blockchain technology, in a regulatory-compliant manner, is critical for competing in today’s fast-paced digital economy,” says Chirag Bhavsar, president of Cogent Bank. “Our B2B clients recognize that blockchain-enabled payments offer better fraud protection, faster settlement, reduced inefficiencies and lower costs that benefit their clients. Most importantly, TassatPay™ can be adopted without disruption to our operations and the services we provide to our clients.”

Added Tassat Group CEO Ron Totaro, “Banks of all sizes are turning to TassatPay™ so they can compete and win in an increasingly digital economy. We are pleased Cogent Bank has selected Tassat to provide the platform to facilitate secure, instantaneous, real-time payments using a private blockchain and look forward to partnering as it serves its B2B customers.”

The agreement with Cogent Bank follows record interest by banks across the country in TassatPay™. Cogent Bank is the latest institution to turn to New York City-based Tassat Group, the engine behind the largest bank provider in this space. Last year, Tassat Group signed an agreement with Customers Bank to provide blockchain-enabled payment capabilities, resulting in $1.5 billion in additional deposits at the end of its third quarter on Sept. 30, 2021. In addition, Western Alliance Bancorporation announced that it will implement a fully integrated digital banking platform for its customers powered by TassatPay™.

The TassatPay™ platform enables Cogent Bank’s clients to use a private blockchain to execute real-time payments and settlement to improve business processes, reduce costs and stay ahead of the competition. With the TassatPay™ platform:

Cogent Bank’s clients can make real-time payments securely and instantaneously 24 hours a day, seven days a week and 365 days a year.

Cogent Bank’s clients will reduce processing and payment costs by minimizing the inefficiencies of traditional invoicing and payment processes and eliminating payments downtime; and,

Cogent Bank can participate in all digital banking solutions such as smart contracts, T+0 settlement and foreign exchange transactions.