Customers Bank and Tassat Launch Blockchain-Enabled Instant Payments on TassatPay

Customers Bank, the $19.6 billion subsidiary of Customers Bancorp, Inc. and Tassat Group Inc., a global provider of blockchain technologies for digital payments, announced the launch of the Customers Bank Instant Token or CBIT, on TassatPay, a blockchain-based real time payments platform that will immediately begin serving a growing array of B2B clients who want the benefit of instant payments: including key over-the-counter desks, exchanges, liquidity providers, market makers, funds, and B2B verticals such as trading operations, real estate, manufacturing, and logistics.

“By using the TassatPay platform, we have removed payment risk, clearing, settlement and confirmation delays for clients,” said Sam Sidhu, President & CEO of Customers Bank. “While not every commercial client will adopt this service immediately, we believe this is the future of banking and puts Customers Bank at the forefront of the modern financial services industry.”

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Customers Bank believes it will attract clients and significant deposits with the launch of the TassatPay platform, explained Sidhu.

TassatPay enables the bank’s clients to make real-time digital payments and works by tokenizing their U.S. dollar deposits. It also provides the infrastructure for executing smart contracts, processing transactions in multiple digital currencies and enhanced data capabilities.

“We’re delighted that Customers Bank has given its clients access to the TassatPay platform,” said Ron Totaro, CEO of Tassat. “TassatPay gives them secure and reliable real-time settlement for any B2B transaction, around the clock, 365 days a year, with no size limitations, all on blockchain rails.”

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