Customers Bank collaborates with Tassat for B2B payments network
With the United States lagging in real-time payments adoption especially in the commercial payments space. Financial Institutions have used their resources in order to deliver modern payments obligation by partnering with real-time payment service providers.
This week, Customers Bank, a subsidiary of Customers Bancorp, Inc. which caters to consumers and commercial clients has partnered with New York-based blockchain-based B2B payments network company, Tassat.
Under this partnership, the bank will use Tassat’s proprietary platform TassatPay Network which is a real-time B2B payment and integration of digital and legacy payment rails. The press note says that this collaboration will provide ‘enhanced payments functionality for the bank’s business clients and low-cost core deposit growth for the bank’.
Last week, TAB Bank tapped Volante Technologies for real-time payments while Wells River Savings Bank implemented The Clearing House’s RTP network while ESL Federal Credit Union joined the RTP Network.
Customer Bank notes in a press release that it has partnered with Tassat based on its ‘digital payments expertise and track record running a high-volume B2B payments platform’ and plans to use this with its clients on using TassatPay Network to address payment challenges and forming payments ecosystems with their trading partners.
“B2B payments have lagged behind consumer payments in innovation, presenting a huge opportunity for digital transformation”, said Sam Sidhu, Vice Chairman and Chief Operating Officer, Customers Bank.
As of March 2021, Customers Bank had assets worth $18.8 billion and is a member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation.
While Tassat provides blockchain-based technology solutions for digital payments and according to the company’s website “TassatPay’s user interface provides a unified view into both their real-time payments and legacy rails like ACH and Fedwire”. The platform is used by more than 700 companies.