Cogent Bank signs an agreement with Tassat Group Inc., the leading provider of blockchain-based, real-time solutions to banks, to offer real-time payments solutions to its B2B clients.
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.
TassatPay is 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.
Chirag Bhavsar, president of Cogent Bank, said:
“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. 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.”
Tassat Group CEO Ron Totaro, said:
“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.”
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.
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.
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.
Read Also: Customers Bank Launches Blockchain-based Instant Payments Service For B2B Clients