Over 100 U.S. Banks Watch Tassat Group Make First Real-Time Digital Payment Between Two Banks Using Blockchain Technology

NEW YORK–(COMMERCIAL THREAD) –Groupe Tassat inc. unveiled the country’s first real-time digital interbank network (“the Network”) and the technological infrastructure that underpins it with a live demonstration attended by more than 100 banks from across the country.

Held today at the Times Center in New York City, the event was the inaugural public unveiling and demonstration of an instant, real-time transfer of digital dollars between two banks using blockchain technology. The Digital Interbank NetworkMT, scheduled to go live in 2022, will be owned and governed by member banks, enabling member banks to execute secure and instant real-time payments and other banking services 24 hours a day, 365 days a year .

New York-based Tassat, sponsor of The Network, also announced that it is contributing all the intellectual property and protocols necessary to operate The Network. As designed, The Network will allow B2B customers of a member bank to make and receive real-time payments between customers of member banks 24/7/365.

The network will enable banks of all sizes to compete in a $ 25 trillion B2B marketplace that still makes over 65% of all payments using paper checks, but is rapidly digitizing. The network is also designed to support decentralized finance, smart contracts, T + 0 settlement, and foreign exchange transactions.

“Today’s transaction and the world’s first real-time digital interbank network represent historic milestones in U.S. banking history, enabling banks to deliver blockchain-based real-time payments and banking services that will transform the way whose banks and their customers do business, ”said Tassat Chairman Kevin R. Greene.

“The network bridges the gap between traditional banking and the power of blockchain technology, ”Greene said. “This will enable banks of all sizes to become fintech powerhouses well equipped to serve their clients in today’s ever-changing and ever-changing digital marketplace.

Tassat CEO Ron Totaro added: “The features and functionality of the digital interbank network are based on feedback received over the past three years from banks across the country and current customers of TassatPay â„¢, our flagship intra-bank payments platform that currently uses blockchain technology to facilitate secure and instant payments. 24/7/365 real-time payments within a bank.

Since its inception, TassatPay â„¢ has executed more than $ 250 billion in 24/7 real-time B2B payments and has seen its monthly volumes increase by over 300% in the past 12 months.

“From a regulatory perspective, The Network will be owned and governed by member banks and will operate entirely within their existing regulatory requirements, ”Totaro said.

“Since we launched Tassat three years ago, we have reached the milestones of our project and today we are very happy to unveil the main features of The Network and demonstrate its functionality ”, said Kevin Lupowitz, Director information from Tassat.

Lupowitz previously led the development of CLEAR, FXall and Liquidnet. “I have been fortunate enough to lead the creation of several innovative technologies, but it is the most transformative technology solution I have ever seen or developed. It’s simple, efficient and powerful, allowing banks to compete and win in an increasingly digital economy. More importantly, the technology addresses a major need for US financial services.

“The network does not require the issuance of stablecoins, nor an attempt to monetize a stablecoin cache. It is indeed designed by and for banks, ”added Greene. “We believe The Network will be a catalyst for the modernization of the US banking system which, in turn, will drive efficiency and innovation for the millions of businesses served by US banks.

“TassatPay â„¢ operates in individual private blockchains at each bank while The Network uses blockchain authorized by member banks, both of which are more secure and secure than public blockchains or stablecoins, even those issued by banks.” , observed Lupowitz.

At today’s event, Western Alliance Bank and Coastal Community Bank demonstrated how the digital interbank network works with over 100 banks present through secure instant funds transfer between their institutions.

“The network extends the blockchain technology powering TassatPay â„¢, ”Totaro said. “By extending the types of capabilities provided by TassatPay â„¢ to numerous banks, The Network will forever change banking by enabling institutions to facilitate real-time payments by their B2B customers, positioning them for the future of commercial banking.

The main features of the network will include:

  • Secure and instant payments, with real-time payments and settlements applicable to every payment transaction.

  • A full suite of additional secure, real-time services including foreign exchange execution, smart contracts and decentralized finance for all fiat currencies, digital assets and cryptocurrencies.

  • Enable B2B customers of banks to rationalize their debts and receivables, save staff and investment costs and deepen their relationship with their bank.

  • Instant and transparent 24x7x365 transaction capabilities with member banks, in line with the demands of today’s globalized business world.

  • Empower banks to strengthen and develop their positions in several verticals, as well as to enter new ones, while competing and winning against fintech companies and central banks.

Tassat is the leading provider of real-time, secure and instant blockchain-based digital payments for banks’ B2B customers through its proprietary TassatPay â„¢ platform, which executes secure and instant 24/7/365 real-time payments for B2B customers of banks. . TassatPay â„¢ customers include Signature Bank, Customers Bank and Western Alliance Bank. Thanks to its advances in payment technology, Tassat was recently honored with a Google Cloud Customer Award 2021 for innovation in financial services.

While TassatPayMT enables secure real-time payments and 24-hour banking services in banks, the digital interbank network will extend the same payment and service capabilities on the other side banks.

Based on the continued engagement of stakeholders, additional features and service improvements will be introduced over time.

For a photo of the event, go to here. A video presented during the demonstration can be viewed here.

About TassatPay â„¢

TassatPay â„¢ is the only blockchain-based real-time payment platform fully deployed within the US banking system. It enables banks to provide their B2B customers with the ability to make 24/7/365 real-time secure payments between bank customers. The TassatPay â„¢ platform operates entirely within the regulatory scope of banks regulated by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the New York State Department of Financial Services as well as other federal regulators and states.

About the Tassat Group

Tassat is a technology company founded in 2018, to apply blockchain technology solutions to banking and financial services. and Tassat was recently honored with a Google Cloud Customer Award 2021 for innovation in financial services. For more information visit us on the web at www.tassatpay.com, to Twitter Or on LinkedIn.

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