Empowers banks to provide real-time, secure payments to their customers 24X7, 365 days a year.
TassatPay™ real-time payments using DigitalDollars™ meet the requirements of banks regulated by the OCC, FDIC and NYSDFS and swiftly integrate with legacy banking systems.
TassatPay™ and the network position banks to compete in the new digital world, including decentralized finance, smart contracts and foreign exchange.October 29, 2021 02:31 PM Eastern Daylight Time
NEW YORK–(BUSINESS WIRE)–Tassat Group Inc, today announced the release of the next generation of its TassatPay™ platform which enables banks to issue cash-backed stablecoins known as DigitalDollars™ as well as a real-time bank payment network. The Tassat platform enables US banks to deliver to their customers real-time secure payments 24/7/365 both within each bank and now across banks on the network.
The TassatPay™ platform is currently the only blockchain-based real-time payment platform fully deployed within the US banking system. To date, TassatPay™ has executed over $200 billion in real-time payments. TassatPay™ has met the requirements of banks regulated by the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), and New York Department of Financial Services (NYSDFS). DigitalDollars™ issued by banks using the TassatPay™ platform are backed 1:1 by US dollars and qualify as FDIC-insured deposits.
Tassat is now extending the power of TassatPay™ to enable real-time payments across banks on a network. The platform allows each bank on the network to issue private labeled DigitalDollars™ using TassatPay™ and to utilize those DigitalDollars™ to execute real-time payments both within each bank and across banks. Banks can use either the DigitalDollars™ brand or another brand name of their choice.
The network is structured to be owned by its member banks who are qualified and permissioned to use the network in a fully secured and regulatory-compliant environment. Tassat will provide the tools and services to enable banks to maximize the effectiveness of the network.
Both TassatPay™ and the network support banks, exchanges and other financial services firms seeking both to deliver real-time payments capabilities to their customers as well as participate in the rapidly growing decentralized finance industry. By using bank-issued, fully cash-backed DigitalDollars™ rather than public stablecoins, both banks and their customers enjoy the highest level of security. TassatPay™ is also designed to accommodate smart contracts, foreign exchange transactions and all digital assets.
TassatPay™ already serves as the real-time payment engine for Signature Bank and Customers Bank and is signing up many of the country’s most respected banks in the US for TassatPay™ and the new network.
“Tassat has worked for three years to go through the regulatory, banking and operational hurdles to get to today where we are very pleased to announce a payments platform which we believe represents the future of financial services in the US and the world,” said Tassat CEO Ron Totaro.
“As we have discussed with dozens of banks and other market participants over the last 12 months, Tassat’s mission is to empower US banks, not replace them or compete with them. We are seeking to empower US banks to be both fully competitive and regulatorily compliant in the newly emerging and fast-growing digital financial system,” said Totaro.
TassatPay™ provides banks’ clients with the complete and instantaneous payment of transactions in a manner that is transparent and traceable, secure, cost-effective and regulatory-compliant. TassatPay™ and the network integrate swiftly and seamlessly into existing banking and treasury management systems.
“TassatPay’s bank network features enable and simplify the process for any bank that wants to best serve its customers with regulatory-compliant, real-time payments,” said Kevin Lupowitz, Tassat’s Chief Information & Innovation Officer.
“With TassatPay™, we have seen the bank’s customers achieve cost savings by reducing their payables and receivables staffing, deepen their relationships with those banks and increase their interest-free deposits with those banks,” Totaro said. “The bank’s customers then recruit their clients and vendors to join the bank using TassatPay™ in order to further leverage the efficiency and full benefits of the TassatPay™ infrastructure, creating the opportunity for exponential growth,” Totaro noted.
“As technology and markets evolve, banks of all sizes are turning to Tassat for digital payments solutions so they can immediately participate in a market that continues to evolve and as new regulatory standards are adopted for digital banking services,” Lupowitz noted.
“We have three powerful beliefs. First, blockchain distributed ledgers will be the foundation for payment and banking solutions for the foreseeable future. Second, these solutions must operate within the existing U.S. banking system and its regulatory perimeter, which has produced the safest and most reliable banking system in the world. Third, banks and other market participants that adapt to the new digital world, especially early adopters, will thrive while entities that do not adapt digital banking solutions risk falling behind. These core beliefs guide our efforts to empower banks to compete more effectively in a digital world,” said Totaro.
Key Features of the Tassat Bank Payment Network and Interchange:
The benefits of the new network for banks include:
About Tassat Group
Tassat was founded in 2018, and its TassatPay® Platform was the first solution to be regulator-reviewed by banks regulated by the Office of the Controller of the Currency, the Federal Deposit Insurance Corporation and the New York State Department of Financial Services. As the definitive market leader in blockchain-based real-time payment systems, TassatPay has processed more than $200 billion in transactions. Tassat was recently honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us on the web at www.tassatpay.com, on Twitter or on LinkedIn.
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