Tassat and Glasstower Partner on B2B Payments for Multinational Corporations

Tassat Group and Glasstower Digital have partnered to facilitate cross-border digital B2B payments.

This collaboration aims to provide multinational corporate institutions with secure, immediate, and cost-effective solutions for cross-border payments, the companies said in a Thursday (May 16) press release.

By leveraging blockchain technology and money market funds, these companies aim to provide secure, efficient, and cost-effective solutions to multinational corporate institutions; drive the digital transformation of finance; and revolutionize the way businesses conduct cross-border transactions, according to the release.

Tassat is known for its private permissioned blockchain-based real-time settlement solutions, the release said. Its flagship product, TassatPay, has executed over $1.8 trillion in transactions to date.

By leveraging private blockchain technology, Tassat enables corporate organizations to execute cross-border transactions with enhanced security, efficiency and control, per the release. Smart contracts ensure a trusted and auditable system for sharing data and executing agreements.

Glasstower Digital offers high yields on balances backed by global money market asset managers, according to the release. Its technology platform operates within a tightly permissioned digital environment, ensuring the participation of trusted and well-regulated entities. By utilizing money market funds as a non-bank B2B cross-border digital payments rail, Glasstower provides liquidity efficiency and risk management diversification.

With their new partnership, the two companies aim to bring a first-of-its-kind, blockchain-based B2B digital payments technology solution to corporate and institutional users, the release said.

PYMNTS Intelligence has found that traditional cross-border payment methods entail significant friction for businesses, with the three most commonly cited pain points being slow speeds, lack of transparency and high costs.

This has led to demand for cutting-edge cross-border payment solutions that offer simpler payment execution, streamlined compliance, and improved cash flow and liquidity management, according to “The Treasury Management Playbook: Spotlight on Cross-Border Payments,” a PYMNTS Intelligence and Citi collaboration.

Tassat said in November 2023 that it had a renewed emphasis on product development and expansion into new markets and planned to continue investing in solutions to empower the financial services industry in meeting the global demands of the digital economy.

“Tassat houses a best-in-class group of technologists who continue to strengthen consumers of all sizes with secure, real-time payments technology, 24/7/365,” Tassat CEO Zain Saidin said at the time in a press release.

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