Customers Bank will harness the TassatPay Network from Tassat, which includes in-the-moment corporate payments and connection of digital and traditional payment rails, according to a Thursday (May 20) announcement.
“We expect our clients in key verticals will invite their important trading partners to join TassatPay, bringing us new clients and low-cost deposits,” Sam Sidhu, vice chair and chief operating officer, Customers Bank, said in the announcement.
The TassatPay Network harnesses the blockchain to tokenize U.S. dollar deposits at financial institutions (FIs) to offer instant payments, removing the usual hurdles like costly transaction fees, cut-off times, processing delays and overnight settlement.
Customers Bank tapped Tassat because of the latter firm’s digital payments knowledge and history operating a high-volume corporate payments infrastructure. It views TassatPay as the next move in “its evolution of financial services,” according to the announcement.
The FI recently unveiled the beginning stage of a national expansion with the opening of offices in Dallas, Texas, and Orlando, Florida, in addition to the reboot of a Chicago, Illinois, office. It had $18.8 billion in assets as of the conclusion of March 2021.
“Most companies struggle with the limitations of antiquated payment rails,” Tassat CEO Ron Totaro said in the announcement. “Customers Bank is at the forefront of digital evolution and fintech partnerships, so we are excited to help them and their business clients with an on-ramp to B2B digital payments.”
According to Totaro, the evolution of real-time payments in the United States has played a significant part in affecting what businesses anticipate when it comes to payment functionality. He told PYMNTS in a previous interview that speed is essential to the business and the user. However, it is not the sole ingredient in the recipe of B2B payment improvement.
As Totaro discussed, FIs require a collection of capabilities in order to deliver corporate modern payment requirements. At the center of satisfying expectations, or even exceeding them, is infrastructure.
Selected by EFXA