Cogent Bank launches real-time, blockchain-based payments via TassatPay
By Edlyn Cardoza
Tassat® Group Inc., the leading provider of private blockchain-based, B2B real-time payments and financial services solutions to banks, recently announced that Orlando, Florida-headquartered Cogent Bank has launched a fully integrated digital banking platform powered by Tassat. The private permissioned blockchain-based payments platform, now available to Cogent Bank’s business-to-business (B2B) clients, is the latest adoption of TassatPay by a bank for use in its clients’ transactions.
“We welcome Cogent Bank to the growing roster of banks that are using TassatPay to facilitate real-time payments by their B2B clients,” said Kevin R. Greene, Tassat’s Chairman and CEO. “TassatPay is the only private permissioned blockchain-based, real-time payments platform fully deployed within the U.S. banking system. Working within our platform gives businesses confidence that their payments will be carried out safely, securely and in compliance with banking regulations.”
Cogent Bank’s adoption of the TassatPay platform will enable its B2B clients to make real-time payments 24 hours a day, 7 days a week, 365 days a year to other Cogent Bank clients enrolled in the platform. TassatPay, which has processed over $450 billion in transactions, provides benefits including immediate settlement, reduced costs, enhanced security and privacy and no limits on transaction sizes or volumes. The payment platform also provides a one-stop shop for B2B payments – allowing a bank’s clients to instantly transfer money, automate payments with smart contracts and connect to Fedwire within the same interface.
“We recognize that TassatPay will allow us to compete in today’s digital economy,” said Chirag Bhavsar, president of Cogent Bank. “It’s never been more important to provide our clients with instantaneous payments utilizing blockchain technology.”
The launch of TassatPay by Cogent Bank, through an agreement originally announced in January 2022, follows record interest by banks in TassatPay. Western Alliance Bank, Signature Bank, Customers Bank, Cogent Bank and Axos Bank have deployed TassatPay to provide blockchain-enabled payments for their B2B clients.
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