Tassat Group , the leading provider of private blockchain-based, business-to-business (B2B) real-time payments and financial services solutions to banks, announced that Chicago-based Byline Bank has signed with Tassat for TassatPay, the most trusted blockchain-based platform for U.S. banks. With TassatPay, Byline Bank’s B2B customers will have access to instantaneous real-time payments 24 hours a day, seven days a week, 365 days a year, with no limits on transaction sizes or volumes.
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“Leveraging this technology allows Byline to expedite how quickly payments are sent and received for customers using this platform”
“Leveraging this technology allows Byline to expedite how quickly payments are sent and received for customers using this platform,” said Alberto J. Paracchini, President and CEO of Byline Bank. “We believe this will be particularly useful to our B2B customers, who can utilize this new technology to send and receive large payments to their clients, vendors and partners, whenever they need to — including weekends and holidays. We’re proud to continue to invest in ways to improve the experience our customers have with Byline.”
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To date, TassatPay has facilitated more than $500 billion in secure, real-time transactions.
“Banks using TassatPay are quickly realizing that timing is one of the most crucial factors in managing their payment systems. Transactions are meant to be conducted around-the-clock, and Byline Bank is our newest partner to witness the power of real-time payments,” said Kevin R. Greene, Tassat’s Chairman and CEO.
Byline Bank joins a host of other banks that have adopted TassatPay including: Western Alliance Bank (NYSE: WAL), Signature Bank , Customers Bank , Cogent Bank and Axos Bank (NYSE: AX).
Key Points About TassatPay
- TassatPay facilitates blockchain-based payments without the security concerns, high volatility and energy consumption of public blockchains.
- Tassat added Smart Contracts and Fedwire functionality to make TassatPay a one-stop shop for B2B Payments.
- Tassat’s private permissioned blockchain is accessible only to entities allowed to view the data and transactions.
- Tassat successfully completed a SOC 2 Type II independent audit, which evaluates a firm’s customer data security, privacy and confidentiality safeguards, receiving an unqualified opinion from the auditors.
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