Tassat Launches The Digital Interbank Network For Real-Time Payments

By Aarti Dhapte , 31 October, 2022

Tassat, the leading provider of private blockchain-based business-to-business (B2B) real-time payments and financial services solutions to banks headquartered in the US, unveiled its new blockchain product, the Digital Interbank Network, in October 2022. Over 400 transactions were completed without error in 8 hours, averaging USD 1.25 million per transaction, using Tassat-controlled accounts at Cogent Bank, Customers Bank, and Western Alliance Bank. Tassat's purpose is to develop the Network as a viable platform for B2B customers of member banks to perform real-time payments between businesses at different banks.

Speaking at the occasion Kevin R. Greene, Tassat’s Chairman, and CEO, said the company transacted for USD 500 million more than their expectations. They were excited to be a part of such a historic moment in the banking industry as blockchain technology transforms banking in America.

The blockchain payment network Signet from Signature Bank and the CBIT from Customers Bank is powered by Tassat technology. The Digital Interbank Network can enable payments between the consumers of member banks, while those white-labeled platforms cater to each bank's clients. Since the Federal Reserve intends to introduce the FedNow Service in 2023 to settle payments in real-time and round-the-clock, launching the Digital Interbank Network is another instance of banks investigating real-time payment applications. In addition, Tassat fully complies with the US banking system's current regulatory framework when using blockchain technology for banks.

Furthermore, around the world, several interbank payment networks based on blockchain are being developed. For instance, the UK-based Fnality, which plans to debut this month, has received support from seventeen sizable institutions. JP Morgan and DBS Bank support Singapore's Partier interbank network for multi-currency payments. The USDF Consortium focuses on interbank payments for community banks in the United States. Due to this, the demand for the blockchain technology market is significantly growing.