TassatPay, a blockchain payment solution deployed by six U.S. banks, has passed the $1 trillion transaction mark, with $150 billion processed this January alone.
The solution launched in 2019 and enables bank balances to be tokenized, supporting 24/7 real-time payments between customers of the same bank. Last year it also launched the Digital Interbank Network with three existing customers participating – Cogent, Customers and Western Alliance. All TassatPay clients are FDIC insured.
Signature Bank has grabbed headlines of the six banks using TassatPay because its crypto clients use the permissioned blockchain. During a recent earnings call, Signature shared details about its Tassat-powered Signet network.
Signature said that crypto clients make the most transactions in terms of dollar value, but cargo shipping comes first for the number of transactions on the blockchain network. Typically shipments might arrive outside of banking hours, and the ability to make an instant payment allows the release of the cargo. Payroll firms rank third in transaction volumes.
TassatPay says it has developed more than 20 use cases. In addition to logistics, these include mortgage warehousing, commercial construction and private equity capital calls.
Other U.S.-based blockchain payments networks include JP Morgan’s JPM Coin and the USDF Consortium. USDF was founded by community banking group JAM FINTOP and Figure Technologies and has nine member banks.
JP Morgan also backed Singapore-based Partior, a multicurrency interbank payment network based on commercial bank money.