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. 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, It is exciting to be part of such a historic moment in the banking industry as our blockchain technology solution transforms banking in America."
- Kevin R. Greene, Tassat’s Chairman and CEO
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, We are proud to participate in the development of a platform that will provide our customers speed and security in their financial transactions, said Lee Hanna, CEO, Cogent Bank.
Customers Bank is committed to serving commercial customers with scaled blockchain technology and greater ecosystem offerings, We look forward to continuing to work with Tassat in their development of The Network’s capability to serve these institutions more efficiently and with greater safeguards, said Sam Sidhu, President and CEO, Customers Bank.
Western Alliance Bank
We are pleased to support the development of a platform leveraging innovative blockchain technology, with the potential to expand our suite of services and provide our customers with the speed and convenience of 24/7/365 payments and more, Piloting The Digital Interbank Network is one way we are driving next-generation commercial banking, said Tim Boothe, Chief Operating Officer, Western Alliance Bank.
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, California Bank of Commerce, Emprise Bank, First Foundation Bank, Lineage Bank, OceanFirst Bank, SouthState Bank and Texas Capital Bank. 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.
About The Digital Interbank Network
The Digital Interbank Network is the world’s first blockchain-based, real-time B2B payments network operating entirely within the existing regulatory framework of the U.S. banking system. The Network’s members include only FDIC-insured banks transacting real-time payments and performing other banking services between commercial customers –24 hours a day, 365 days a year, via a private permissioned blockchain. The Network enables banks to offer a virtually unlimited range of secure, real-time services to their customers, including instantaneous blockchain-based payments, Fedwire integration and Smart Contracts. The Network is a highly secure, private permissioned blockchain-based payment instruction and settlement platform that is accessible only by member banks.
About Tassat Group
Tassat Group Inc. is a NY-based technology company that is the leading provider of private blockchain-based, real-time solutions for commercial banks including TassatPay, which enables banks to provide their customers with instantaneous, secure, real-time payments 24/7/365. TassatPay has become the most trusted blockchain-based platform for the banking industry and its B2B customers with more than $600 billion in secure, real-time transactions to date. Tassat has added Smart Contracts and Fedwire functionality to make TassatPay a one-stop shop for B2B Payments. Tassat was honored with a 2021 Google Cloud Customer Award for innovation in financial services.