Blockchain for Banking News

Tassat goes multicurrency for bank blockchain payments

currencies dollar euro pound yen

This week Tassat Group announced its B2B digital payment solution is going multi currency in June. In addition to existing U.S. Dollar payments that have reached $1.3 trillion on its permissioned blockchains, from June the platform will support Euro, Yen, Pounds and Canadian dollars, with more planned.

The solution has been adopted by a handful of regional banks supporting B2B real-time payments around the clock. In all cases, the blockchain system is integrated with core banking.

One of those banks was Signature Bank, which was known as a digital asset onramp. However, before its demise, it revealed that logistics firms made up the largest number of transactions on Signet, its blockchain payment system based on Tassat technology. That’s because businesses invariably want proof of payment before releasing cargo. So if the shipment arrives over a weekend, waiting until banks open is inconvenient.

Logistics is a sector where the support of multiple currencies will be particularly helpful.

The first iteration of Tassat involved banks deploying a Tassat blockchain within the bank so it works between customers of that bank alone. However, last year it also launched the Digital Interbank Network, enabling payments between banks. At the time of launch, it said the participants were Cogent Bank, Customers Bank and Western Alliance Bank.

Another interbank payment network USDF has encountered some regulatory headwinds. Originally it planned to use a permissionless blockchain. But to get approval, it has adapted to using a permissioned blockchain and deposit tokens cannot be held directly by customers. 

Several German banks are looking to deploy deposit tokens using an interbank network, and they have also updated the specification to support multiple currencies.

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