Florida’s Cogent Bank has launched real-time B2B payments using the TassatPay private permissioned blockchain platform. The solution enables business clients to make real-time payments to other Cogent account holders 24/7.
The TassatPay solution has also been deployed by Western Alliance Bank, Signature Bank, Customers Bank and Axos Bank. To date, the offering has been used to process $450 billion in transactions and it supports smart contracts and Fedwire functionality.
When clients want to use the system, money for the payment is transferred to an omnibus account, where it is converted to tokens. The payment involves moving those tokens to another client, with the tokens then burned and the money transferred from the omnibus account to the recipient’s bank account.
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