NEW YORK–(BUSINESS WIRE)–Tassat® Group Inc., the leading provider of private blockchain-based, business-to-business (B2B) real-time payments and financial services to banks, today announced that Chicago-based Byline Bank (NYSE: BY) has signed with Tassat for TassatPay®, the most trusted blockchain-based platform for US banks. With TassatPay, Byline Bank’s B2B customers will have access to instant real-time payments 24 hours a day, seven days a week, 365 days a year, with no limits on transaction sizes or volume.
“By leveraging this technology, Byline can accelerate the speed at which payments are sent and received for customers using this platform,” said Alberto J. Paracchini, president and CEO of Byline Bank. “We believe this will be particularly useful for our B2B customers, who can use this new technology to send and receive large payments to their customers, suppliers and partners, when they need it – including weekends and holidays. We are proud to continue to invest in ways to improve the experience our customers have with Byline.”
To date, TassatPay has facilitated more than $500 billion in secure, real-time transactions.
“Banks using TassatPay are quickly realizing that timing is one of the most critical factors in managing their payment systems. Transactions are meant to be executed around the clock, and Byline Bank is our newest partner witnessing the power of real-time payments,” said Kevin R. Greene , Tassat’s chairman and CEO.
Byline Bank joins a number of other banks that have adopted TassatPay, including: Western Alliance Bank (NYSE: WAL ), Signature Bank (Nasdaq: SBNY ), Customers Bank (NYSE: CUBI ), Cogent Bank and Axos Bank (NYSE : AX).
Key points about TassatPay
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TassatPay facilitates blockchain-based payments without the security concerns, high volatility and energy consumption of public blockchains.
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Tassat added Smart Contracts and Fedwire functionality to make TassatPay a one-stop shop for B2B payments.
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Tassat’s private permissioned blockchain is only available to entities that have permission to view the data and transactions.
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Tassat successfully completed a SOC 2 Type II independent audit, which evaluates a firm’s customer data security, privacy and confidentiality, and received an unqualified rating from the auditors.
About Tassat Group
Tassat Group Inc. is a NY-based technology company that is the leading provider of private blockchain-based, real-time solutions for commercial banks, including TassatPay, which enables banks to provide their customers with instant, secure, real-time payments 24/7. 7/365. TassatPay has become the most trusted blockchain-based platform for the banking industry and its B2B customers with more than $500 billion in secure, real-time transactions to date. Tassat was honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us at Twitter or on LinkedIn.
About Byline Bancorp, Inc.
Headquartered in Chicago, Byline Bank, a subsidiary of Byline Bancorp, Inc. (NYSE: BY), is a full-service commercial bank serving small and medium-sized businesses, financial sponsors and consumers. Byline Bank has approximately $7.1 billion in assets and operates more than 30 full-service offices in the Chicago and Milwaukee metropolitan areas. Byline Bank offers a wide range of commercial and retail banking products and services, including leasing solutions for small-ticket equipment. For more information, visit: www.bylinebank.com.
