The Network’s 24/7/365 blockchain-based payments solution marks historic first
- Participating bank Cogent Bank, and other institutions, conduct over 400 transactions through Tassat-controlled accounts, completing over $500 million in transactions within an 8-hour period
- Groundbreaking launch marks “first-ever” moment for banking and blockchain interoperability
- Private permissioned platform offers unmatched security and privacy within the existing regulatory framework
NEW YORK—Tassat Group Inc., the leading provider of private blockchain-based business-to-business (B2B) real-time payments and financial services solutions to banks, announced that The Digital Interbank Network completed over $500 million in real-time transactions among three banks using Tassat-controlled accounts on Saturday, October 1.
The groundbreaking launch saw over 400 transactions conducted without failure during an 8-hour period, an average of $1.25 million per transaction, using Tassat-controlled accounts at Cogent Bank, Customers Bank (NYSE: CUBI) and Western Alliance Bank (NYSE: WAL). Tassat’s goal is to establish The Network as a viable platform for participating banks’ B2B customers to execute real-time payments between businesses at different banks.
“We exceeded our goal for the launch with over $500 million in transactions,” said Kevin R. Greene, Tassat’s Chairman and CEO. “It is exciting to be part of such a historic moment in the banking industry as our blockchain technology solution transforms banking in America.”
“It has been our long-held view that private permissioned blockchain technology operating entirely within the existing US banking system can deliver all the power of blockchain without the need to discard or replace the trusted U.S. banking system that has served the U.S. and the world for more than 100 years. Tassat’s goal is to work with U.S. banks to modernize the U.S. banking system, not to displace or disintermediate banks. We don’t want to see traditional banks get left behind,” added Greene.
“We would like to thank the banks that we worked with today as well as the dozens of banks who have provided guidance and input over the last nine months. We look forward to making this capability available to every bank and their customers in the U.S.,” said Greene.
First introduced in December 2021, The Network will facilitate secure, instantaneous transactions 24/7/365 between B2B customers of all sizes at member banks and features no Network-imposed limits on transaction sizes or volumes. Operating on a private permissioned blockchain, The Network uses technology developed by Tassat but is designed to serve its U.S. bank members. The Network is distinct from TassatPay®, which is Tassat’s flagship platform that enables real-time transactions between business customers of the same bank. As of October 1, TassatPay has processed more than $600 billion in transactions.
Senior officials of the banks participating in the demonstration commented on The Network’s successful execution of over $500 million in transactions:
“Being part of The Digital Interbank Network is a clear demonstration of our desire to be a leader in the next generation of the U.S. banking system,” said Lee Hanna, CEO, Cogent Bank. “We are proud to participate in the development of a platform that will provide our customers speed and security in their financial transactions.”
The Network has been advancing towards its commercial launch with the input and guidance from a working group of Special Charter Member Banks: Byline Bank (NYSC: BY), California Bank of Commerce (Nasdaq: CALB), Emprise Bank, First Foundation Bank (Nasdaq: FFWM), Lineage Bank, OceanFirst Bank (Nasdaq: OCFC), SouthState Bank (Nasdaq: SSB) and Texas Capital Bank (Nasdaq: TCBI). “The Network’s Special Charter Members have been enormously helpful in the development of The Network. We are grateful for their participation to help us get to this momentous launch and look forward to continuing to work closely with them,” added Greene.
Categorized in: Work
This post was written by Elevate, Inc.