Tassat Adds Fedwire Functionality to Make TassatPay a One-Stop Shop for B2B Payments

Tassat Group Inc., the leading provider of private blockchain-based, real-time B2B payment solutions for banks, announced that TassatPay bank clients can now enable their customers to send wire payments utilizing Fedwire directly from the TassatPay Application Programming Interface (API).

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“While the future of banking will be built on private blockchain technology, we know that our clients and their customers need a bridge to ensure that business goes on uninterrupted while the B2B digital payments space is revolutionized.”

“Our clients and their customers have been requesting this Fedwire integration, which effectively makes TassatPay a one-stop shop for all B2B payments,” said Glendy Kam, Director, Product Development, at Tassat. “Now, our clients’ customers can send both instantaneous and secure blockchain-based payments 24/7/365 to other TassatPay accounts at the same bank as well as Fedwires outside the bank, all using the same API. We also automated certain standard data entry requirements for Fedwires, reducing the potential for data entry errors. All of these enhancements enable banks to increase client satisfaction and deepen client relationships.”

The new Fedwire functionality allows users to send outgoing wires through the TassatPay API – automatically passing validation checks on the TassatPay platform. For example, if a real estate manager that uses TassatPay needs to pay a supplier and that supplier is also on TassatPay, the real estate manager can pay the supplier instantaneously and securely using private blockchain-based technology. However, if that supplier does not bank using TassatPay, the real estate manager can generate an outgoing wire to pay the supplier using the bank’s Fedwire system, all within the TassatPay API.

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“We wanted to build a bridge between digital, blockchain-based payments and legacy rails like Fedwire to ensure that none of our banks’ clients, no matter how big or small, are left behind in an increasingly digital economy,” said Kevin R. Greene, Tassat’s Chairman and CEO. “While the future of banking will be built on private blockchain technology, we know that our clients and their customers need a bridge to ensure that business goes on uninterrupted while the B2B digital payments space is revolutionized.”

Added Kam, “Banks appreciate that TassatPay is delivered directly to their clients via either a user interface or API, which means the bank is integrated directly into the client’s treasury management system, allowing banks to deliver both secure, real-time payments 24 hours a day and 365 days a year and Fedwire capability in one place. The two capabilities complement each other and enable the bank to capture an increasing share of a client’s banking activity.”

Tassat’s launch of this new Fedwire functionality follows the launch of Smart Contracts on TassatPay, enabling bank clients to access customizable payment logic to make contracting and invoicing more efficient and effective.

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