Customers Bank, the $19.6 billion subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), launches a blockchain-based instant payments service for B2B Clients.
Customers Bank and Tassat Group Inc., yesterday announced the launch of Customers Bank Instant Token (CBIT) on TassatPay, a blockchain-based real-time payments platform.
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.
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Crypto Payments Forcing Traditional Banks To Offer Fast Payment Solution
Traditional international payments are not instant and very costly. Unlike traditional payments, crypto payments are cheaper and faster. With growing popularity of crypto, traditional banks are under pressure to offer such services.
Many blockchain-based payment platforms, such as TassatPay and Paystand offer banks to launch such offering without actually developing a platform.
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Customers Bank Instant Token (CBIT)
In May, Customers Bank partnered with Tassat, a global provider of blockchain technologies for digital payments, to launch its digital Token for instant payment.
With the launch of CBIT, Customers Bank can now serve a growing array of B2B clients who want the benefit of instant, and cheaper payments. It will include key over-the-counter desks, exchanges, liquidity providers, market makers, funds, and B2B verticals such as trading operations, real estate, manufacturing, and logistics.
Sam Sidhu, President & CEO of Customers Bank, said:
“By using the TassatPay platform, we have removed payment risk, clearing, settlement and confirmation delays for clients. 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.
Ron Totaro, CEO of Tassat, commented:
“We’re delighted that Customers Bank has given its clients access to the TassatPay platform. 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.”
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