Chicago-based Byline Bank has signed with Tassat Group to use the blockchain-based platform TassatPay to give the bank’s B2B customers access to real-time payments at any time and with no limits on transaction size or volume.
Tassat, which provides private, blockchain-based B2B real-time payments and financial services solutions to banks, reported that its TassatPay has facilitated $500 billion in real-time payments to date, according to a Wednesday (Sept. 28) press release.
“Banks using TassatPay are quickly realizing that timing is one of the most crucial factors in managing their payment systems,” Tassat Chairman and CEO Kevin R. Greene said in the release. “Transactions are meant to be conducted around-the-clock, and Byline Bank is our newest partner to witness the power of real-time payments.”
TassatPay includes smart contracts and Fedwire functionality, and Tassat’s private permissioned blockchain is accessible only to select entities and facilitates blockchain-based payments without the security concerns and volatility of public blockchains, the release stated.
“Leveraging this technology allows Byline to expedite how quickly payments are sent and received for customers using this platform,” Byline Bank President and CEO Alberto J. Paracchini said in the release. “We believe this will be particularly useful to our B2B customers, who can utilize this new technology to send and receive large payments to their clients, vendors and partners, whenever they need to — including weekends and holidays.”
Other banks that have adopted TassatPay include Western Alliance Bank, Signature Bank, Customers Bank, Cogent Bank and Axos Bank, according to the release.
Florida’s Cogent Bank used TassatPay to launch a digital banking platform for B2B clients in June.
Read more: Florida’s Cogent Bank Integrates Blockchain-Based Platform
“We recognize that TassatPay will allow us to compete in today’s digital economy,” Cogent Bank President Chirag Bhavsar said at the time. “It’s never been more important to provide our clients with instantaneous payments utilizing blockchain technology.”
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