Tassat has announced the release of the next generation of its TassatPay™ platform which enables banks to issue cash-backed stablecoins known as DigitalDollars™ as well as a real-time bank payment network.
The Tassat platform enables US banks to deliver to their customers real-time secure payments 24/7/365 both within each bank and now across banks on the network.
Tassat is now extending the power of TassatPay™ to enable real-time payments across banks on a network. The platform allows each bank on the network to issue private labeled DigitalDollars™ using TassatPay™ and to utilize those DigitalDollars™ to execute real-time payments both within each bank and across banks. Banks can use either the DigitalDollars™ brand or another brand name of their choice.
Tassat CEO Ron Totaro, said: As we have discussed with dozens of banks and other market participants over the last 12 months, Tassat’s mission is to empower US banks, not replace them or compete with them. We are seeking to empower US banks to be both fully competitive and regulatorily compliant in the newly emerging and fast growing digital financial system
“TassatPay’s bank network features enable and simplify the process for any bank that wants to best serve its customers with regulatory-compliant, real-time payments,” said Kevin Lupowitz, Tassat’s Chief Information & Innovation Officer.
“As technology and markets evolve, banks of all sizes are turning to Tassat for digital payments solutions so they can immediately participate in a market that continues to evolve and as new regulatory standards are adopted for digital banking services,” Lupowitz noted.
“We have three powerful beliefs. First, blockchain distributed ledgers will be the foundation for payment and banking solutions for the foreseeable future. Second, these solutions must operate within the existing U.S. banking system and its regulatory perimeter, which has produced the safest and most reliable banking system in the world. Third, banks and other market participants that adapt to the new digital world, especially early adopters, will thrive while entities that do not adapt digital banking solutions risk falling behind. These core beliefs guide our efforts to empower banks to compete more effectively in a digital world,” said Totaro.
Key Features of the Tassat Bank Payment Network and Interchange:
- Enables the customers of participating banks to provide real-time payments to their clients, reducing those clients’ costs, deepening their relationships with their banks and generating interest free deposits for the banks;
- Empowers banks to issue their own DigitalDollars™ to support real-time payments;
- Empowers banks to participate in delivering T+0 payments, margin and settlement to both digital and legacy exchanges; and
- Supports smart contracts, cross-border payments and foreign exchange transactions, and can facilitate transactions between and among any digital currency and any fiat currency.
