Florida’s Cogent Bank Integrates Blockchain-Based Platform

Florida’s Cogent Bank has launched a digital banking platform for B2B clients using a blockchain-based payments platform from TassatPay, the technology company announced Tuesday (June 28).

Banks are using TassatPay “to facilitate real-time payments by their B2B clients,” Kevin R. Greene, Tassat’s chairman and chief executive said in a prepared statement. He said the company is “the only private permissioned blockchain-based, real-time payments platform fully deployed within the U.S. banking system.” The process offers improved security and privacy and unlimited transaction volume and sums, today’s announcement stated.

TassatPay clients have processed more than $450 billion in transactions, according to the announcement. The company also said that it has added smart contracts and interaction with Fedwire to its offerings.

Chirag Bhavsar, president of Cogent Bank, said in a prepared statement: “We recognize that TassatPay will allow us to compete in today’s digital economy. It’s never been more important to provide our clients with instantaneous payments utilizing blockchain technology.”

TassatPay is an offering of Tassat Group Inc., which is based in New York. The company stated on its website that its private blockchains have been deployed in uses as varied as manufacturing, real estate, health care, retail, cargo handling and digital asset exchanges.

According to TassatPay, representatives of more than 100 U.S. banks watched in December 2021 when TassatPay unveiled what it described as the country’s “first real-time digital interbank network.”

The bank stated in marketing materials that it operates in accordance with U.S. regulations.