Customers Bank and Tassat Launch Blockchain-Enabled Instant Payments on TassatPay™

Rhea-AI Summary

Customers Bank, a subsidiary of Customers Bancorp (NYSE: CUBI), has launched the Customers Bank Instant Token (CBIT) on the TassatPay platform. This blockchain-based service aims to provide real-time payments for B2B clients, reducing payment risks and delays. The platform is designed for diverse sectors including trading, real estate, and logistics, with a focus on enhancing digital payment solutions. Customers Bank anticipates attracting significant deposits as a result of this initiative, positioning itself at the forefront of modern financial services.

Positive

• Launch of Customers Bank Instant Token (CBIT) on TassatPay enhances B2B payment capabilities.
• Immediate service to diverse sectors like trading, real estate, and logistics.
• Potential for significant deposits due to enhanced banking service.

Negative

• Not all commercial clients may adopt the service immediately.

WEST READING, Pa. & NEW YORK--(BUSINESS WIRE)-- Customers Bank, the $19.6 billion subsidiary of Customers Bancorp, Inc. and Tassat Group Inc., a global provider of blockchain technologies for digital payments (NYSE: CUBI), announced today the launch of the Customers Bank Instant Token or CBIT, on TassatPay, a blockchain-based real time payments platform that will immediately begin serving a growing array of B2B clients who want the benefit of instant payments: including key over-the-counter desks, exchanges, liquidity providers, market makers, funds, and B2B verticals such as trading operations, real estate, manufacturing, and logistics.

“By using the TassatPay platform, we have removed payment risk, clearing, settlement and confirmation delays for clients,” said Sam Sidhu, President & CEO of Customers Bank. “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, explained Sidhu.

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.

“We’re delighted that Customers Bank has given its clients access to the TassatPay platform,” said Ron Totaro, CEO of Tassat. “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.”

About Customers Bank

Customers Bank is a full-service bank with $19.6 billion in assets at June 30, 2021, and a wholly owned Customers Bancorp, Inc. (NYSE:CUBI). A member of the Federal Reserve System with deposits insured by the Federal Deposit Insurance Corporation, Customers Bank is an equal opportunity lender that provides a range of banking and lending services to small and medium-sized businesses, professionals, individuals, and families. Services and products are available wherever permitted by law through mobile-first apps, online portals, and a network of offices and branches.

About Tassat

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 vetted by major bank regulators, and has transacted billions of dollars to date. The TassatPay platform provides the infrastructure for banks to use their own digital tokens backed by bank deposits. The company is a 2021 Google Cloud Customer Award winner. For additional information, please visit tassat.com or connect with the company on Twitter or LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005969/en/

Customers Bancorp

Sam Sidhu, President & CEO 484-744-8985

Christopher Smalley, Managing Director Digital Banking, 516-567-5364

Tassat Group Inc.

Daniel Diaz, Articulate Communications, 212-255-1198

Source: Customers Bank

FAQ

What is the Customers Bank Instant Token (CBIT)?

The Customers Bank Instant Token (CBIT) is a digital token launched on the TassatPay platform to facilitate real-time payments for B2B clients.

How does TassatPay improve payment processes for Customers Bank?

TassatPay removes payment risks and delays, providing secure real-time digital payments for B2B transactions.

What sectors can benefit from the Customers Bank Instant Token?

Sectors including trading, real estate, manufacturing, and logistics can utilize the Customers Bank Instant Token for B2B transactions.

What are the expected benefits of launching CBIT for Customers Bank?

Customers Bank expects to attract significant deposits and position itself as a leader in modern financial services with the launch of CBIT.

What is the relationship between Customers Bank and Customers Bancorp?

Customers Bank is a subsidiary of Customers Bancorp, which is publicly traded on the NYSE under the ticker CUBI.