Tassat Announces Executive Leadership Changes to Accelerate Growth of Digital Payments Platform

Rhea-AI Summary

Tassat Group Inc. has announced three significant executive appointments in response to the growing interest in its TassatPay™ platform, which enables banks to issue cash-backed stablecoins for B2B transactions. The new leaders include Kevin Lupowitz as Chief Information Officer, Glen Sussman as President and Chief Operating Officer, and Al Berg as Chief Information Security Officer. These changes aim to enhance operational capabilities to cater to increasing demand, particularly after a recent government recommendation for banks to issue digital currency.

Positive

• Growing interest in TassatPay™, indicating strong market demand.
• New leadership appointments expected to enhance operational efficiency and innovation.
• Recent agreement with Customers Bank projected to add $1.5 billion in deposits.

Negative

• Potential challenges in continuity with new executive leadership.

Executive Appointments Focus on Meeting Increasing Interest in the TassatPay™ Platform and Its Ability to Enable Banks to Issue Cash-Backed Stablecoins

NEW YORK--(BUSINESS WIRE)-- Tassat Group Inc., the leading blockchain technology provider of digital payment systems for banks’ B2B clients, today announced three major appointments to its executive leadership team. The leadership selections come in response to growing interest in the TassatPay™ platform, which enables banks to issue cash-backed stablecoins, facilitating real-time payments for their B2B clients. The appointments include:

• Kevin Lupowitz has been appointed Chief Information Officer and Chief Innovation Officer. Previously, he was Tassat’s CIO and Chief Operating Officer;
• Glen Sussman has been named President and Chief Operating Officer; and,
• Al Berg joins Tassat as Chief Information Security Officer.

“We have seen rapidly-growing interest in the TassatPay™ platform and its ability to enable banks to issue stablecoins, especially since the recent government recommendation that banks be the issuers of this digital currency,” said Tassat CEO Ron Totaro. “The executive changes we are announcing will enable us to scale our operations to the increasing demand while staying ahead of the curve as we build next-generation payments solutions for banks and their B2B customers.”

Kevin Lupowitz joined Tassat in 2018 and has led the company’s strategic research and development initiatives. In his new role, he will have additional responsibility for transferring new and evolving technologies into B2B payments programs. Notably, he will be leading Tassat’s initiatives in an open architecture for blockchain, which is expected to promote innovation in multiple related areas of technology.

Lupowitz has extensive experience at the nexus of financial services and technology. Prior to joining Tassat, he was CIO for trueEX Group, which operated the first exchange approved by the Commodity Futures Trading Commission as a Designated Contract Market for swaps. Other senior roles include serving as CIO for CLEAR, an Identity as a Service (IasS) solution, FXall and Liquidnet Holdings. He holds a B.S. degree in computer science from the City University of New York – Brooklyn College.

In Glen Sussman’s role as President and Chief Operating Officer, he will help ensure continued operational and financial excellence as Tassat expands its footprint in commercial banking.

Sussman brings over two decades of experience scaling technology companies. After launching his career as an Equity Analyst at Schroders and then leading enterprise software investments at Sandler Capital, he held executive roles at several growth-stage technology ventures in New York and the San Francisco Bay Area. Most recently, he served as CFO & EVP of Corporate Development of Video Platform developer SundaySky. Sussman graduated from the Wharton School at the University of Pennsylvania with a degree in Economics, garnering the Joseph Wharton Scholar and Benjamin Franklin Scholar distinctions.

Al Berg’s appointment as Chief Information Security Officer reflects the value Tassat places on ensuring that the company and the TassatPay™ platform meet the highest standards of cybersecurity and risk management, including systems integrity and meeting all standards of resiliency, compliance and risk policies and procedures.

Berg has held senior positions in technology security for more than three decades, most recently as Chief Information Security Officer for Endava, a global provider of digital transformation services. Earlier, he held leading roles in security at Liquidnet, the Securities Industry Automation Corporation (SIAC), Mentor Technologies and NETLAN. Berg studied computer science at Brooklyn College.

The appointments follow record interest by banks across the country in TassatPay™. In addition to serving as the engine behind the largest bank provider in this space, Tassat 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 September 30, 2021.

“Tassat is the digital payments platform that positions banks for the future of commercial banking,” said Totaro. “Our focus on identifying, recruiting and retaining the best talent in technology and financial services will help us maintain our position as the leader in financial technology innovation.”

About TassatPay™

TassatPay™ is the only blockchain-based, real-time payment platform fully deployed within the US banking system. It enables banks to provide their B2B customers with the ability to deliver real-time secure payments 24/7/365, not only within each bank but also across banks participating on the network. The stablecoins are backed one-to-one by U.S. dollars and qualify as FDIC-insured deposits.

About Tassat Group

Tassat was founded in 2018, and the TassatPay™ Platform was the first solution to be reviewed by banks regulated by the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the New York State Department of Financial Services. Tassat was recently honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us on the web at www.tassatpay.com, on Twitter or on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211130005745/en/

Loretta Healy

The Hubbell Group, Inc.

1-781-718-1117

lhealy@hubbellgroup.com

Source: Tassat Group Inc.

FAQ

What are the new appointments at Tassat Group?

Tassat Group appointed Kevin Lupowitz as Chief Information Officer, Glen Sussman as President and Chief Operating Officer, and Al Berg as Chief Information Security Officer.

What is TassatPay™ and why is it significant?

TassatPay™ is a blockchain-based platform that enables banks to issue cash-backed stablecoins for real-time B2B payments, tapping into increasing digital currency demand.

How will the new leadership affect Tassat Group's operations?

The new leadership aims to scale operations and improve innovation to meet the rising interest in the TassatPay™ platform.

Why is Tassat Group expanding its executive team?

Tassat Group's expansion of its executive team is a response to heightened interest in its platform and the need to enhance operational capabilities.

What impact did the government recommendation have on Tassat Group?

The government recommendation for banks to issue digital currency has led to increased interest in TassatPay™, prompting the company's leadership changes.