Tassat Launches Real-Time Bank Payment Network
** NEW YORK, Correction of December 27, 2021, to release of October 29, 2021– Tassat Group Inc, today announced the release of the next generation of its TassatPay™ platform which enables a real-time bank payment network. The Tassat platform enables US banks to deliver to their customers real-time secure payments 24/7/365 both within each bank and now across banks on the network.
The TassatPay™ platform is the only blockchain-based real-time payment platform fully deployed within the US banking system. To date, TassatPay™ has executed over $200 billion in real-time payments.
Tassat is now extending the power of TassatPay™ to enable real-time payments across banks on a network. The platform allows each bank on the network to issue digital tokens to execute real-time payments both within each bank and across banks.
The network is structured to be owned by its member banks who are qualified and permissioned to use the network in a fully secured and regulatory-compliant environment. Tassat will provide the tools and services to enable banks to maximize the effectiveness of the network.
Both TassatPay™ and the network support banks, exchanges and other financial services firms seeking both to deliver real-time payments capabilities to their customers as well as participate in the rapidly growing decentralized finance industry. TassatPay™ is also designed to accommodate smart contracts, foreign exchange transactions and all digital assets.
TassatPay™ already serves as the real-time payment engine for Signature Bank and Customers Bank and is signing up many of the country’s most respected banks in the US for TassatPay™ and the new network.
“Tassat has worked for three years to go through the banking and operational hurdles to get to today where we are very pleased to announce a payments platform which we believe represents the future of financial services in the US and the world,” said Tassat CEO Ron Totaro.
“As we have discussed with dozens of banks and other market participants over the last 12 months, Tassat’s mission is to empower US banks, not replace them or compete with them. We are seeking to empower US banks to be both fully competitive and regulatorily compliant in the newly emerging and fast growing digital financial system,” said Totaro.
TassatPay™ provides banks’ clients with the complete and instantaneous payment of transactions in a manner that is transparent and traceable, secure and cost-effective. TassatPay™ and the network integrate swiftly and seamlessly into existing banking and treasury management systems.
“TassatPay’s bank network features enable and simplify the process for any bank that wants to best serve its customers real-time payments,” said Kevin Lupowitz, Tassat’s Chief Information & Innovation Officer.
“With TassatPay™, we have seen the bank’s customers achieve cost savings by reducing their payables and receivables staffing, deepen their relationships with those banks and increase their interest-free deposits with those banks,” Totaro said. “The bank’s customers then recruit their clients and vendors to join the bank using TassatPay™ in order to further leverage the efficiency and full benefits of the TassatPay™ infrastructure, creating the opportunity for exponential growth,” Totaro noted.
“As technology and markets evolve, banks of all sizes are turning to Tassat for digital payments solutions so they can immediately participate in a market that continues to evolve” Lupowitz noted.
“We have three powerful beliefs. First, blockchain distributed ledgers will be the foundation for payment and banking solutions for the foreseeable future. Second, these solutions must operate within the existing U.S. banking system and its regulatory perimeter, which has produced the safest and most reliable banking system in the world. Third, banks and other market participants that adapt to the new digital world, especially early adopters, will thrive while entities that do not adapt digital banking solutions risk falling behind. These core beliefs guide our efforts to empower banks to compete more effectively in a digital world,” said Totaro.
Key Features of the Tassat Bank Payment Network and Interchange:
· Enables the customers of participating banks to provide real-time payments to their clients, reducing those clients’ costs, deepening their relationships with their banks and generating interest free deposits for the banks;
· Empowers banks to participate in delivering T+0 payments, margin and settlement to both digital and legacy exchanges; and
· Supports smart contracts and can facilitate transactions between and among any digital currency and any fiat currency.
The benefits of the new network for banks include:
· Avoiding the complexity of establishing proprietary digital payments systems by rapidly deploying TassatPay™ and a network that can be easily and quickly adopted to legacy systems;
· The ability to provide customers with real-time payments 24×7, 365 days a year, while reducing their own complexity and operating costs;
· Increasing payment speeds by as much as 96% and reducing the need for manual intervention (currently, 60% of B2B payments require manual intervention each time taking between 15 to 20 minutes); and
· Enabling banks to better serve their B2B customers, remain competitive and capture a share of the $23 trillion-plus B2B payment market opportunity.
**Errata: Tassat is republishing this corrected version of the foregoing statement. The original version included statements regarding the regulatory status of products offered by our customers, including regarding FDIC insurance. We have removed any such statements because they could cause confusion. For clarity, Tassat is not a bank and does not issue deposit or other banking products or services and does not itself issue any FDIC-insured products or services. Tassat is a technology company that has developed blockchain-based payments technology that is used by depository institutions to provide products and services to their customers. Any questions regarding the regulatory status, including with respect to FDIC insurance, of products or services offered by depository institutions using Tassat technology should be directed to the applicable bank.