Tassat Group Inc., the established provider of private blockchain-based, business-to-business (B2B) real-time payments and financial services remedies to banks, has stated that Chicago-based Byline Bank (NYSE: BY) has entered into an agreement with Tassat for the deployment of TassatPay, the most dependable blockchain solution for US banks. With TassatPay, Byline Bank’s B2B clients will get access to real-time payments on a 24×7 basis, with no transaction size or volume restrictions.
By employing this technology, Byline is able to quicken the speed at which payments are delivered and collected for consumers utilizing this platform, according to Byline Bank President and CEO Alberto J. Paracchini. “We think this will be especially valuable for our business-to-business clients, who can utilize this innovative technology to make and receive significant payments to their customers, suppliers, and partners at any time, even on weekends and holidays. We are pleased to continue investing in ways to enhance the Byline client experience.”
TassatPay has enabled over $500 billion in safe, real-time transactions so far.
“Banks employing TassatPay are rapidly recognizing that time is among the most important aspects of operating their payment services. Byline Bank is our latest associate to experience the potential of real-time transactions,” according to Kevin R. Greene, Chairman and Chief Executive Officer of Tassat.
Byline Bank joins Western Alliance Bank (NYSE: WAL), Signature Bank (Nasdaq: SBNY), Customers Bank (NYSE: CUBI), Cogent Bank, and Axos Bank in adopting TassatPay (NYSE: AX).
TassatPay enables blockchain-powered payments without the safety problems, fluctuation, and energy usage associated with public blockchains. TassatPay is now a one-stop destination for B2B Payments with the addition of Smart Contracts and Fedwire capability. In addition, the company’s private permissioned blockchain is only available to businesses with access to the information and transactions. Significantly, Tassat successfully cleared an third-party SOC 2 Type II audit, which analyzes a company’s client data protection, privacy, and trust precautions, and received an unequivocal conclusion from the auditors.
