Tassat Sees Boost in Bank Interest in Blockchain Payments

Blockchain-based B2B payments platform Tassat Group has gotten a “record number” of inquiries about its platform, which lets banks issue cash-backed stablecoins, according to a press release. The effect will be real-time payments facilitation for B2B clients.

The interest in global blockchain-based payments was spurred by the President’s Working Group on Financial Markets, which has called for stablecoins to be issued by banks, the release stated.

TassatPay is the name of Tassat Group’s program, and it allows banks’ clients complete secure, real-time transactions any time, according to the release. The platform has been reviewed by regulators, including the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC) and the New York State Department of Financial Services (NYSDFS).

TassatPay lets banks issue stablecoins backed one-to-one by the U.S. dollar, the release stated. The system can be used for legacy banking systems, and some of its other benefits include smart contracts, decentralized finance, cross-border payments and foreign exchange (FX) transactions.

“Because Tassat provides banks with complete and instantaneous payment of transactions, including stablecoins, in a manner that is transparent, traceable, secure and cost-effective, we are seeing a significant increase in the number of banks wanting to provide their clients with secure, real-time payments …,” said Tassat CEO Ron Totaro in the release.

He added that it is important for banks to give access to instant B2B payments with blockchain systems, given the new digital space in which companies have been existing, according to the release.

Last month, Tassat Group partnered with Customers Bank, a multibillion-dollar subsidiary of Customers Bancorp, on a real-time payment app for B2B.

Read more: Customers Bank, Tassat Debut TassatPay Instant Payments

The collaboration will let customers make and accept instant payments including over-the-counter desks, exchanges, liquidity providers, market makers, funds and B2B vertical markets.