WEST READING, Pa. & NEW YORK – (BUSINESS WIRE) – 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 has launched the proprietary TassatPay® platform Tassat’s network, which offers real-time B2B payments and the integration of digital and legacy payment channels. The partnership will provide enhanced payment capabilities for the bank’s business customers and low-cost core deposit growth for the bank.
Known for its high tech / high touch approach, Customers Bank has business clients in industries such as financial markets, commercial real estate, healthcare, hospitality, insurance, accounting, alternative energy and manufacturing who will immediately benefit from this ability. The bank has been a leader in digital finance solutions since 2015, offering millions of Americans innovative offers across a variety of platforms, including the BankMobile student loan repayment program and partnerships with T-Mobile Money and many well-known fintech partners. The BankMobile division was spun off as BMTX earlier this year.
Customers Bank is one of the top five paycheck protection program lenders in America, offering over 320,000 PPP loans totaling over $ 9 billion through a mix of fintech and traditional banking platforms. The bank’s technological capabilities have enabled it to provide much-needed economic relief to small business owners and independent contractors across America, with great success in low- and middle-income areas.
The client bank selected Tassat because of their expertise in digital payments and their track record of running a high volume B2B payment platform. It is planned to work with customers using the TassatPay network to address their specific payment challenges and to form payment ecosystems with their trading partners. The customer bank sees TassatPay as the next step in the development of financial services.
TassatPay Network uses blockchain technology to token US dollar deposits with banks and enable secure, smooth instant payments. This eliminates common challenges like overnight settlement, processing delays, blackout times and high transaction fees. It provides an API that bank customers can use to embed their functions in their own systems. The first implementation of Tassat started in 2019 and has since processed billions in transactions via digital rails.
“B2B payments have lagged behind consumer payments in terms of innovation and offer a tremendous opportunity for digital transformation. We are committed to partnering with TassatPay Network as the cornerstone of our B2B payments strategy, ”said Sam Sidhu, Vice Chairman and Chief Operating Officer of Customers Bank. “We expect our customers in key industries to invite their key trading partners to TassatPay and bring us new customers and low-cost deposits.”
“Most companies are struggling with the limitations of outdated payment channels,” said Ron Totaro, CEO of Tassat. “Customers Bank is at the forefront of the digital evolution and fintech partnerships. We look forward to helping you and your business customers introduce digital B2B payments.”
Recently, Customers Bank announced the first phase of national expansion with the opening of offices in Orlando, FL and Dallas, TX. and the restart of an office in Chicago, IL. These teams of experienced commercial bankers will offer customers in the emerging markets the benefits of the TassatPay network.
Via the customer bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), a bank holding company, is a full-service super-community bank with approximately $ 18.8 billion in assets as of March 31, 2021. A member of the Federal Reserve System with The Depository Bank, insured by the Federal Deposit Insurance Corporation, is an equal opportunity lender providing a variety of banking and credit services to small and medium-sized businesses, professionals, individuals and families. Wherever legally permitted, services and products are available via digital first apps, online portals and a network of offices and branch offices. For more information, please visit the company’s website at www.customersbank.com.
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 banking regulator and has processed billions of dollars to date. For more information, please visit tassat.com or connect with the company on Twitter or LinkedIn.