Customers Bank, the multi-billion-dollar subsidiary of Customers Bancorp, Inc., and blockchain-based digital payment provider Tassat Group Inc. on Tuesday (Oct. 19) announced the debut of a real-time payments platform for B2B clients.
The collaboration means customers will be able to make and accept instant payments, including over-the-counter desks, exchanges, liquidity providers, market makers, funds and B2B vertical markets including trading operations, real estate, manufacturing and logistics.
immediately begin serving a growing array of B2B clients who want the benefit of instant payments, “including key over-the-counter desks, exchanges, liquidity providers, market makers, funds and B2B verticals such as trading operations, real estate, manufacturing, and logistics,” the release stated.
“By using the TassatPay platform, we have removed payment risk, clearing, settlement and confirmation delays for clients,” said Sam Sidhu, president and CEO of Customers Bank, in the joint announcement. “While not every commercial client will adopt this service immediately, we believe this is the future of banking, and puts Customers Bank at the forefront of the modern financial services industry.”
Customers Bank expects that the launch of TassatPay will help it to lure larger clients and previously unseen deposit amounts, said Sidhu. TassatPay enables real-time B2B digital payments and turns U.S. dollar deposits into digital tokens. It also allows companies to process smart contracts in multiple digital currencies with enhanced data capabilities, according to the announcement.
“We’re delighted that Customers Bank has given its clients access to the TassatPay platform,” said Ron Totaro, CEO of Tassat, in the announcement. “TassatPay gives them secure and reliable real-time settlement for any B2B transaction, around the clock, 365 days a year, with no size limitations, all on blockchain rails.”
Related news: Customers Bank to Use Tassat’s B2B Payments Network
Customers Bank and Tassat first started working together in May, joining forces on the TassatPay Network, including in-the-moment corporate payments and the connection of digital and traditional payment rails.
Customers Bank joined forces with Tassat because of the latter firm’s digital payments knowledge and history operating a high-volume corporate payments infrastructure, a natural progression in its so-called “evolution of financial services.”
Earlier this year, Customers Bank opened new offices in Dallas and Orlando, Florida, and overhauled its Chicago office as part of a nationwide expansion.
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