Banks are using TassatPay “to facilitate real-time payments by their B2B clients,” Kevin R. Greene, Tassat’s chairman and chief executive said in a prepared statement. He said the company is “the only private permissioned blockchain-based, real-time payments platform fully deployed within the U.S. banking system.” The process offers improved security and privacy and unlimited transaction volume and sums, today’s announcement stated.
TassatPay clients have processed more than $450 billion in transactions, according to the announcement. The company also said that it has added smart contracts and interaction with Fedwire to its offerings.
Chirag Bhavsar, president of Cogent Bank, said in a prepared statement: “We recognize that TassatPay will allow us to compete in today’s digital economy. It’s never been more important to provide our clients with instantaneous payments utilizing blockchain technology.”
The bank stated in marketing materials that it operates in accordance with U.S. regulations.