Customers Bank, the $19.6 billion subsidiary of Customers Bancorp, Inc. and Tassat Group Inc., a global provider of blockchain technologies for digital payments (NYSE: CUBI), announced today the launch of the Customers Bank Instant Token or CBIT, on TassatPay, a blockchain-based real time payments platform that will immediately begin serving a growing array of B2B clients who want the benefit of instant payments: including key over-the-counter desks, exchanges, liquidity providers, market makers, funds, and B2B verticals such as trading operations, real estate, manufacturing, and logistics.
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“By using the TassatPay platform, we have removed payment risk, clearing, settlement and confirmation delays for clients,” said Sam Sidhu, President & CEO of Customers Bank. “While not every commercial client will adopt this service immediately, we believe this is the future of banking and puts Customers Bank at the forefront of the modern financial services industry.”
Customers Bank believes it will attract clients and significant deposits with the launch of the TassatPay platform, explained Sidhu.
TassatPay enables the bank’s clients to make real-time digital payments and works by tokenizing their U.S. dollar deposits. It also provides the infrastructure for executing smart contracts, processing transactions in multiple digital currencies and enhanced data capabilities.
“We’re delighted that Customers Bank has given its clients access to the TassatPay platform,” said Ron Totaro, CEO of Tassat. “TassatPay gives them secure and reliable real-time settlement for any B2B transaction, around the clock, 365 days a year, with no size limitations, all on blockchain rails.”
About Customers Bank
Customers Bank is a full-service bank with $19.6 billion in assets at June 30, 2021, and a wholly owned Customers Bancorp, Inc. (NYSE:CUBI). A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches.
Tassat Group Inc. is a New York-based fintech company that provides blockchain-based technology solutions for digital payments. It delivered the first blockchain-based B2B digital payments platform that was vetted by major bank regulators, and has transacted billions of dollars to date. The TassatPay platform provides the infrastructure for banks to use their own digital tokens backed by bank deposits. The company is a 2021 Google Cloud Customer Award winner. For additional information, please visit tassat.com or connect with the company on Twitter or LinkedIn.
Sam Sidhu, President & CEO 484-744-8985
Christopher Smalley, Managing Director Digital Banking, 516-567-5364