Cogent Bank’s B2B clients to benefit from instantaneous, secure, real-time payments 24/7/365
NEW YORK & ORLANDO, Fla.–(BUSINESS WIRE)–#B2B—Tassat Group Inc., the leading provider of blockchain-based, real-time solutions to banks, and Cogent Bank, a full-service commercial and retail bank, today announce Cogent Bank’s B2B clients will have access to TassatPay™, the only blockchain-based, real-time payment platform fully deployed within the U.S. banking system. TassatPay™ enables banks to provide their clients with instantaneous, secure, real-time payments 24/7/365.
“Providing our B2B clients with instantaneous payments using the power of blockchain technology, in a regulatory-compliant manner, is critical for competing in today’s fast-paced digital economy,” says Chirag Bhavsar, president of Cogent Bank. “Our B2B clients recognize that blockchain-enabled payments offer better fraud protection, faster settlement, reduced inefficiencies and lower costs that benefit their clients. Most importantly, TassatPay™ can be adopted without disruption to our operations and the services we provide to our clients.”
Added Tassat Group CEO Ron Totaro, “Banks of all sizes are turning to TassatPay™ so they can compete and win in an increasingly digital economy. We are pleased Cogent Bank has selected Tassat to provide the platform to facilitate secure, instantaneous, real-time payments using a private blockchain and look forward to partnering as it serves its B2B customers.”
The agreement with Cogent Bank follows record interest by banks across the country in TassatPay™. Cogent Bank is the latest institution to turn to New York City-based Tassat Group, the engine behind the largest bank provider in this space. Tassat Group also recently signed an agreement with Customers Bank to provide blockchain-enabled payment capabilities, resulting in $1.5 billion in additional deposits at the end of its third quarter on Sept. 30, 2021. In addition, Western Alliance Bancorporation announced that it will implement a fully integrated digital banking platform for its customers powered by TassatPay™.
About Cogent Bank’s Capabilities Through TassatPay™
The TassatPay™ platform enables Cogent Bank’s clients to use a private blockchain to execute real-time payments and settlement to improve business processes, reduce costs and stay ahead of the competition. With the TassatPay™ platform:
- Cogent Bank’s clients can make real-time payments securely and instantaneously 24 hours a day, seven days a week and 365 days a year;
- Cogent Bank’s clients will reduce processing and payment costs by minimizing the inefficiencies of traditional invoicing and payment processes and eliminating payments downtime; and,
- Cogent Bank can participate in all digital banking solutions such as smart contracts, T+0 settlement and foreign exchange transactions.
About Tassat Group
Tassat is a technology company that is the leading provider to banks of private blockchain-based, real-time solutions including TassatPay™, which enables banks to provide their customers with instantaneous, secure, real-time payments 24/7/365. Tassat provides an onramp for banks to begin transitioning from legacy technology to blockchain technology that not only will make existing services such as payments more efficient, but also creates opportunities in areas such as smart contracts and foreign exchange. Tassat recently was honored with a 2021 Google Cloud Customer Award for innovation in financial services.
In December 2021, Tassat unveiled the nation’s first real-time Digital Interbank Network™ with a demonstration of a real-time funds transfer between two banks using blockchain technology. The Network, which is slated to go live in 2022, will be owned and governed by its member banks, enabling them to execute secure, real-time payments and other banking services 24 hours a day and 365 days a year. The Network is a highly secure, private and permissioned blockchain-based payment instruction and settlement platform that is accessible only by member banks.
About Cogent Bank
Cogent Bank is a state-chartered bank that has operated as a full-service business and personal bank since 2001. With over $1 billion in total assets Cogent offers multiple banking centers in North, Central and Southwest Florida. Cogent offers a broad range of lending, depository, treasury management and mobile banking services designed to meet the complex and diverse needs of its clients while staying focused on the local communities it serves. Cogent believes banking is personal and requires high-touch, innovative services designed to make managing financial transactions easier. Cogent pairs its financial expertise with a passion for learning more about its clients’ goals and objectives. To learn more, visit www.cogentbank.net.
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