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.
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.