Customers Bank Partners with Tassat to Implement a Blockchain-Based B2B Payments Network to Meet Needs of Business Clients
May 20 2021 - 8:00AM
Business Wire
Customers Bank to Join the TassatPay® Network
to Drive Client and Deposit Growth While Providing Frictionless,
Instantaneous Payments and Improved User Experiences.
Customers Bank, a subsidiary of Customers
Bancorp, Inc. (NYSE:CUBI) a bank holding company, and Tassat, a
global provider of blockchain technologies for digital payments,
today announced that Customers Bank will use Tassat’s proprietary
platform TassatPay® Network, which features real-time B2B payments
and integration of digital and legacy payment rails. The
partnership will deliver enhanced payments functionality for the
bank’s business clients and low-cost core deposit growth for the
bank.
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Customers Bank, known for its high tech/high touch approach, has
business clients in industries such as financial exchanges,
commercial real estate, healthcare, hospitality, insurance,
accounting, alternative energy, and manufacturing who will benefit
from this capability immediately. The bank has been a leader in
digital financial solutions since 2015, launching innovative
offerings to millions of Americans through several platforms
including its BankMobile student loan refund program, and
partnerships with T-Mobile Money, and many notable fintech
partners. The BankMobile division was spun-off early this year as
BMTX.
Customers Bank is one of America’s top five Paycheck Protection
Program lenders, providing over 320,000 PPP loans with an aggregate
value over $9 billion through a hybrid of fintech and traditional
banking platforms. The bank’s technology prowess allowed it to
deliver much needed economic relief to small business owners and
independent contractors across America with great success in low-
and middle-income areas.
Customers Bank chose Tassat for its digital payments expertise
and track record running a high-volume B2B payments platform. It
plans to collaborate with clients on using TassatPay Network to
address their specific payments challenges and forming payments
ecosystems with their trading partners. Customers Bank perceives
TassatPay to be the next step in its evolution of financial
services.
TassatPay Network uses blockchain technology to tokenize US
dollar deposits at banks to provide secure, frictionless instant
payments, eliminating typical challenges such as overnight
settlement, processing delays, cut-off times and high transaction
fees. It offers an API that lets bank customers embed its
capabilities into their own systems. Tassat’s first implementation
was launched in 2019 and has since processed billions of dollars in
transactions over digital rails.
“B2B payments have lagged behind consumer payments in
innovation, presenting a huge opportunity for digital
transformation. We are eager to partner with TassatPay Network as
the cornerstone of our B2B payments strategy,” said Sam Sidhu, Vice
Chairman and Chief Operating Officer, Customers Bank. “We
expect our clients in key verticals will invite their important
trading partners to join TassatPay, bringing us new clients and
low-cost deposits.”
“Most companies struggle with the limitations of antiquated
payment rails,” said Ron Totaro, CEO, Tassat. “Customers Bank is at
the forefront of digital evolution and fintech partnerships, so we
are excited to help them and their business clients with an on-ramp
to B2B digital payments.”
Recently, Customers Bank announced the first phase of a national
expansion with the opening of offices in Orlando, FL and Dallas,
TX; and the reboot of an office in Chicago, IL. These teams of
seasoned commercial bankers will be offering the benefits of the
TassatPay Network to clients in the new markets.
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc.
(NYSE:CUBI) a bank holding company, is a full-service
super-community bank with assets of approximately $18.8 billion at
March 31, 2021. 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
digital-first apps, online portals, and a network of offices and
branches. Additional information can be found on the company’s
website, www.customersbank.com.
About Tassat
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 approved by a major bank regulator, and
has transacted billions of dollars to date. For additional
information, please visit tassat.com or connect with the company on
Twitter or LinkedIn.
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version on businesswire.com: https://www.businesswire.com/news/home/20210520005043/en/
Media Contacts:
For Customers Bank: David W. Patti Communications &
Marketing Director 610-451-9452 dpatti@customersbank.com
For Tassat: Emily Allen 212-255-1198 Articulate Communications
Tassat@articulatecomms.com
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