Today Tassat Group announced the go-live of The Digital Interbank Network for real-time business-to-business payments. Cogent Bank, Customers Bank and Western Alliance Bank started transacting on the private blockchain network on Saturday and completed 400 transactions worth $500 million.
The key benefits of the solution are that it enables 24/7 real-time payments without transaction limits while integrating with existing banking systems.
“It has been our long-held view that private permissioned blockchain technology operating entirely within the existing US banking system can deliver all the power of blockchain without the need to discard or replace the trusted U.S. banking system that has served the U.S. and the world for more than 100 years,” said Kevin R. Greene, Tassat’s Chairman and CEO.
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