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Tassat Announces Client Connectivity to FedNow, The Federal Reserve’s First Instant Payment Rail

Business Wire | March 23, 2023 | Read time : 02:13 min

Tassat Announces Client Connectivity to FedNow, The Federal

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.

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Today, Flywire Corporation (Flywire) a global payments enablement and software company, announced a new strategic partnership with DISCO, a market leader in international recruitment and career development, to optimize the cross-border education payments experience for students studying in Japan. As the exclusive international payments partner for DISCO, Flywire integrates directly into DISCO’s e-apply system, which streamlines the application and enrollment payment experience for international students, and improves operational efficiencies for university administrators, all from its familiar interface. Japan sets targets to supercharge inbound international student enrollment Japan is one of the most popular countries in Asia for international students, boasting a rich culture, cuisine and language, as well as the third largest economy in the world by GDP. Data from the Japan Student Services Organization suggests that at its pre-pandemic peak in 2019, there were 312,214 international students in Japan. China, Vietnam and Nepal make up the top three sending countries. Following the COVID-19 pandemic, a new initiative organized by the Japanese government aims to reignite interest among international students, with the goal to host 400,000 international students by 2033. The Japanese government’s plans include more active recruitment and improved language and career transition support, which aim to rebuild the foreign enrollment base. Headquartered in Tokyo, DISCO is one of the leading student application solutions for the National / Public university system in Japan, providing more than 1,000 universities, colleges and vocational schools with a variety of services from student recruitment and marketing, to professional training and consulting. Given the focus from the Japanese government on international student recruitment, DISCO was looking for an international payment partner to streamline the payment process for application and enrollment fees. Specifically, DISCO clients wanted to provide students with more payment options, and were looking for ways to reduce the manual reconciliation process for administrators. “Flywire stood out not only for its powerful payment technology and seamless integration, but also for its knowledge of the Japanese higher education sector,” said Masaro Niidome, President of DISCO. “Flywire’s innovative payment processing combined with our additional services will enhance the payment experience for our customers and their students.” Flywire embeds into DISCO e-apply to accelerate efficiencies for students and institutions With Flywire’s payment technology embedded directly into DISCO’s e-apply application management system, all friction is removed from the entire payment experience. Students have a seamless, easy way to pay for their application and enrollment fees in their local currency, while enjoying low exchange rates, convenient online payment tracking, and superior customer service. Additional benefits of the Flywire integration with DISCO application system for both universities and students include: • Easy implementation: The pre-built integration will simplify the implementation timeline and minimize technical resources typically required for integrating a payment gateway. • Accelerate reconciliation: With real-time post backs enabled, applicants and administrators have full transparency throughout the payment process. • Reduce short balance and overpayments: Flywire shows how much the student owes in their local currency and presents Flywire’s robust set of local payment options powered by its global payment network. Each school can also lock how much the payer sends, as well as set limits to prevent large over-payments. “We are thrilled to partner with DISCO and become their exclusive international payments partner,” said Mina Fakhouri, VP of Sales, APAC at Flywire. “Home to many leading institutions and a top destination for international students, Japan is an important region for us, and partnering with DISCO will extend the reach of our solutions to improve the student financial experience.” About Flywire Flywire is a global payments enablement and software company. Flywire combines its proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for clients and their customers.Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

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Code Fellows offers students, including those utilizing the Education Rescue Scholarship, a number of other resources and support services which increase student success. This includes career services like resume reviews and employer connections, as well as ongoing educational opportunities. In today's rapidly evolving technological world, computer science is a highly sought-after field that offers a plethora of career opportunities. However, not all colleges and universities offering computer science programs are keeping up with the changing demands of the industry. Some institutions continue to use outdated curricula and teaching methods, leading to poor outcomes for students and their future careers. In addition, bootcamps have become increasingly popular over the years, offering an intensive, immersive learning experience in fields like software development, technical operations, and cybersecurity. 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