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Customers Bank and Tassat partner to offer customers real-time B2B payments & drive major growth

By Pavithra R

May 21, 2021

  • America
  • Customers
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Customers Bank and Tassat partner to offer customers real-time B2B payments & drive major growthCustomers Bank, a full-service super-community bank and subsidiary of Customers Bancorp and Tassat, a global provider of blockchain technologies for digital payments has announced that Customers Bank will use Tassat’s proprietary platform TassatPay Network, which features real-time B2B payments and integration of digital and legacy payment rails.

The collaboration will deliver enhanced payments functionality for the bank’s business clients and low-cost core deposit growth for the bank.

Customers Bank, known for its high tech/high touch approach, has business clients in industries such as financial exchanges, commercial real estate, healthcare, hospitality, insurance, commercial real estate, accounting, alternative energy, and manufacturing who will benefit from this capability immediately. The bank is one of America’s top five Paycheck Protection Program (PPP) lenders, providing over 320,000 PPP loans with an aggregate value of over $9 bn through a hybrid of fintech and traditional banking platforms.

Customers Bank selects Tassat for its digital payments expertise and track record running a high-volume B2B payments platform. It plans to collaborate with clients on using TassatPay Network to address their specific payments challenges and forming payments ecosystems with their trading partners. Customers Bank perceives TassatPay to be the next step in its evolution of financial services. The bank will deploy TassatPay to drive client and deposit growth, enhance payments functionality and improve user experience.

“B2B payments have lagged behind consumer payments in innovation, presenting a huge opportunity for digital transformation. We are eager to partner with TassatPay Network as the cornerstone of our B2B payments strategy. We expect our clients in key verticals will invite their important trading partners to join TassatPay, bringing us new clients and low-cost deposits,” said Sam Sidhu, Vice Chairman and Chief Operating Officer, Customers Bank.

TassatPay Network uses blockchain technology to tokenize US dollar deposits at banks to provide secure, frictionless instant payments, eliminating typical challenges such as processing delays, cut-off times, overnight settlement, and high transaction fees. It offers an API that lets bank customers embed its capabilities into their own systems. Tassat’s first implementation was launched in 2019 and has since processed billions of dollars in transactions over digital rails.

“Most companies struggle with the limitations of antiquated payment rails. Customers Bank is at the forefront of digital evolution and fintech partnerships, so we are excited to help them and their business clients with an on-ramp to B2B digital payments,” said Ron Totaro, CEO, Tassat.

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