Tassat Group Inc., the leading provider of private blockchain-based business-to-business (B2B) real-time payments and financial services solutions to banks, today announced that its client-facing API can serve as an on-ramp to FedNow, the Federal Reserve's forthcoming real-time payments rail.
With the introduction of FedNow, the Federal Reserve will make its first national update since the 1970s, bringing real-time payments to the financial sector around the clock. Tassat’s current offerings, TassatPay® and the Digital Interbank Network™, are end-to-end private blockchain-based solutions that can serve as on-ramps to FedNow for commercial banks seeking to participate in the Fed’s platform. Tassat already offers Fedwire connectivity to all of its bank partners and is a FedNow Service Provider Showcase participant.
“Everyday consumers are able to move money at any time of the day and at any point in the week, yet businesses are limited to 9am - 5pm, Monday through Friday. That needs to change, and we are excited for the arrival of FedNow,” said Kevin R. Greene, Chairman and CEO of Tassat Group. “At Tassat, our mission is to empower banks to serve their clients with increased speed, security, and efficiency, and FedNow will be a great complement to our offerings.”
Since its founding, Tassat has played a crucial role in addressing commercial bank’s need for secure, instantaneous payments 24/7/365. TassatPay, the company’s flagship product and the leading provider of real-time digital payments for commercial banking clients, recently announced a milestone exceeding $1 trillion in transactions since its launch in 2019. In February alone, TassatPay processed over $130 billion in transactions, underscoring the volume at which Tassat’s bank partners are leveraging the platform.
Unveiling a real-time service on a national level, FedNow will create additional use cases for Tassat’s banking partners. To date, these include Western Alliance Bank (NYSE: WAL), Customers Bank (NYSE: CUBI), Axos Bank (NYSE: AX), Byline Bank (NYSE: BY), and Cogent Bank. With its bank partners, Tassat has developed more than 20 use cases, including logistics, mortgage warehousing, commercial construction, private equity capital calls, as well as broader working capital applications for a bank’s corporate clients. The results have created strong corporate banking relationships, increased deposits, and opportunities to provide other profitable financial services.
About Tassat Group
Tassat Group Inc. is a N.Y.-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 corporate clients 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 clients with more than $1 trillion in secure, real-time transactions to date. Tassat’s Smart Contracts and Fedwire functionality make TassatPay a one-stop shop for B2B Payments. Tassat was honored with a 2021 Google Cloud Customer Award for innovation in financial services.