Listen: Cogent Bank launches TassatPay’s real time payment solution
Florida bank is the latest to leverage the B2B platform
The $1 billion Cogent Bank recently integrated blockchain-based, real-time payment platform TassatPay to provide its business-to-business (B2B) clients with 24/7 instant payment options.
“Every part of the economy operates around the clock, there’s no reason why B2B payments shouldn’t,” Tassat Group Chief Executive Kevin Greene tells Bank Automation News in this episode of “The Buzz” podcast.
New York-based Tassat Group uses private permission blockchain to automate the digital transfer of money, Greene said, noting that more than 60% of B2B payments are still made using paper checks, which the company viewed as an opportunity to modernize the payment process.
Orange City, Florida-based Cogent Bank plans to use the platform to provide fraud protection, faster settlement, reduced inefficiencies and lower costs for its clients, he said.
The launch of TassatPay at Cogent Bank follows the integration of the technology at Axos Bank, Customers Bank, Signature Bank and Western Alliance Bank, Greene added.
Listen as Greene discusses TassatPay technology, bank implementation and the launch of the solution at Cogent Bank.
Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit Fall 2022.
Subscribe to The Buzz Podcast on iTunes, Spotify, Google podcast, or download the episode.
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.
Hello and welcome to the buzz of bank automation news podcast. My name is Whitney McDonald and I’m the deputy editor for bank automation news. I’m joined by Kevin Greene Chief Executive Officer of blockchain based business to business real time payments and financial services solutions provider tassat group. He discussed cogent bank’s recent adoption of tacit pay, allowing the bank’s b2b clients to make real time payments.Kevin Greene. 00:37
Thank you very much Whitney Tassat was formed in 2017. Specifically to bring the power of the power, efficiency and flexibility of blockchain technology to payments and other financial services in the $50 trillion business to business payments market. That’s a market that’s 10 times the size of retail payments. What’s important about what we do is we specifically want to bring the power of blockchain within existing banking regulations. Remarkably, 60%, or more than 60% of all b2b payments are made using paper checks. So we see as a tremendous opportunity to modernize and transform payments. Blockchain offers a solution to many problems that plague not only banks, but also their business customers. Despite the advent of the digital economy, still there problems with overnight settlements, processing delays, cut off times, transaction size limits, and high fees. Every part of the economy operates around the clock. There’s no reason why b2b payments shouldn’t operate around the clock. There’s no reason why they shouldn’t be secure, and instantaneous. And that’s what we bring to the to the b2b market. So the most prominent distinction between private versus public blockchains related to who is allowed to participate, maintain a shared ledger. In validating transactions. Public blockchains use the public network participants to validate transactions, which means those transactions are visible to anyone and anybody in the world at a time. Whereas private transactions are limited to limited in terms of who can validate and see transaction data. private blockchain therefore gives a much higher level of privacy and security to the participants to the participants in a transaction. So our view the world going back to what our mission is, is bring all the power, efficiency and flexibility of blockchain to private transactions, so do that their private environment, banks already needed to comply with client profits, privacy restrictions, no your customer, anti money, anti money laundering laws, and private permission. Blockchain remains the best and most clear solution for banking transactions. Tacit pay, which is one of our officing offerings, leverages existing regulatory frameworks than time tested bank anti fraud measures, to make blockchain compatible with the banking system, as it exists today ensures that all transactions remain private than a banks institution and the regulated financial ecosystem. You cannot do that with public blockchain, but you can with private blockchain.Whitney McDonald 03:40
Okay, now kind of getting into the technology. So you’ve explained it. But now talking about the nitty gritty of how does this actually work? How does the technology work?Kevin Greene. 03:54
So, what tassatpay does that instantaneous a tokenizes US dollar deposit using a private permission blockchain that then allows that information to be transferred instantaneously. Unlike cryptocurrencies or stable coins, we do not create a currency. We don’t create something which is publicly tradable. We simply create a digital representation of the dollar and said digital messaging that gets transferred within the bank in the case of tacit pay, or across banks in terms of the form of our digital interbank network. So the results of that is that you get transactions are executed. Without all the inefficiencies, delays, and higher costs of existing payment rails. It’s a much more efficient, much more secure way of transferring value.
Whitney McDonald 04:49
Where does automation fit into this tacit pay offering?
Kevin Greene. 04:53
Sure. Two ways. So we’re automating the tokenization and transfer of dollar deposit sits within a bank or across banks. But secondly, we’ve introduced smart contracts. smart contracts are contractual relationship between two business customers, facilitated by a bank, which automates that transaction that might have to do with the timing of a payment discounts being offered, penalties being paid. So many, many banking transactions that that have to happen at a certain period of time with certain financials can be automated on a smart contract.
Whitney McDonald 05:33
Now, of course, the reason that we’re talking is is this latest news that cogent bank, it has, has launched this on their platform as well. So if we can kind of talk about how cogent bank fits into all of this, and you can kind of explain their their recent launch of tacit pay.
Kevin Greene. 05:54
So as you know, cogent Bank is a full service, business and personal bank, and they have deep commitment to supporting businesses of all sizes, in their operating areas, they want to provide their b2b clients with instantaneous payments, using the power of blockchain technology that are regulatorily compliant manner. They see blockchain able payments and other financial services as offering their clients a better solution, better fraud, protection, faster settlement, reduced inefficiencies, and lower costs. Most importantly, they understood the tasks of pay can be adopted, without disruption to their operations, or the services they provide to their clients. So there’s a perfect fit for them.
Whitney McDonald 06:41
Here we are, almost six months later, or six months later, and it’s launched on their platform, as well. Um, so for cogent banks specifically, and then any other banks that that are planning to do the same, I think it would be beneficial to discuss what this real time payment offering adds to the bank itself and for its clients.
Kevin Greene. 07:05
Sure, so I mentioned already that for the clients, we’re talking about real time payments, 24 hours a day, 365 days a year, securely and instantaneously. That’s a real value, and not waiting for fed windows open or close, you’re not drawn down by any downtime for those systems. And on our platform, our tacit pay platform, we also have Fedwire available. So they can either use real time payments, or use Fedwire if they if they wish to. So it’s one stop shopping. On top of that they can build smart contracts described earlier, that really accelerates the power of tacit pay and the blockchain for those clients. So it’s very, very powerful stuff. I think the ultimate value of which is just beginning to be realized. So they’ll be able to do a lot of interesting thing for things for their clients.
Whitney McDonald 08:02
And then just talking bigger picture, I know that you said you talked to many banks, any other launches on the horizon are examples of any other banks that have implemented the technology.
Kevin Greene. 08:14
Sure. So additionally, customers bank, Western alliance bank Signature Bank, customers bank, and Axos bank, have already gone live on tacit pay to provide blockchain enabled payments and other banking services for their b2b customers. We’re also in discussions with dozens of other banks about tacit pay. In addition, we have 40 banks participating in working group towards the launch of the digital interbank network, which is being developed using intellectual property from tacit, while tacit pay enables transactions between two customers of the same bank. So we call that an intra bank solution. The network as we call it will now enable transactions between customers of different banks. So it’s across banks for the interbank solution. So those are our two main offerings, and then smart contracts on both platforms. It is not launched yet, but we’ll be updating you on that in the not too distant future.
Whitney McDonald 09:16
Perfect, um, anything that I left out or missed that you wanted to add about Tessa pay or this relationship in particular?
Kevin Greene. 09:24
Sure. So it’s another data point. Almost half of all the transactions that we’ve executed, have happened outside of nine to five, Monday through Friday. That’s also surprising to people. That five to 7% on the weekends, and the balance about 40 percentage points during the week outside of nine to five. Think about what you do today with your iPhone, everything in your life. Really payments, the only thing left that people do nine to five, everything else we do around the clock whenever we want to. But somehow when it comes for payments and banking services, we constrain ourselves nine to five. So that world’s changing.
Whitney McDonald 10:09
You’ve been listening to the buzz, a bank automation news podcast, please follow us on Twitter and LinkedIn. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time and be sure to visit us at Bank automation news.com For more automation news
The $1 billion Cogent Bank recently integrated blockchain-based, real-time payment platform TassatPay to provide its business-to-business (B2B) clients with 24/7 instant payment options.
“Every part of the economy operates around the clock, there’s no reason why B2B payments shouldn’t,” Tassat Group Chief Executive Kevin Greene tells Bank Automation News in this episode of “The Buzz” podcast.
New York-based Tassat Group uses private permission blockchain to automate the digital transfer of money, Greene said, noting that more than 60% of B2B payments are still made using paper checks, which the company viewed as an opportunity to modernize the payment process.
Orange City, Florida-based Cogent Bank plans to use the platform to provide fraud protection, faster settlement, reduced inefficiencies and lower costs for its clients, he said.
The launch of TassatPay at Cogent Bank follows the integration of the technology at Axos Bank, Customers Bank, Signature Bank and Western Alliance Bank, Greene added.
Listen as Greene discusses TassatPay technology, bank implementation and the launch of the solution at Cogent Bank.
Bank Automation Summit Fall 2022, taking place Sept. 19-20 in Seattle, is a crucial event on automation and automation technology in banking. Learn more and register for Bank Automation Summit Fall 2022.
Subscribe to The Buzz Podcast on iTunes, Spotify, Google podcast, or download the episode.
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.
Hello and welcome to the buzz of bank automation news podcast. My name is Whitney McDonald and I’m the deputy editor for bank automation news. I’m joined by Kevin Greene Chief Executive Officer of blockchain based business to business real time payments and financial services solutions provider tassat group. He discussed cogent bank’s recent adoption of tacit pay, allowing the bank’s b2b clients to make real time payments.Kevin Greene. 00:37
Thank you very much Whitney Tassat was formed in 2017. Specifically to bring the power of the power, efficiency and flexibility of blockchain technology to payments and other financial services in the $50 trillion business to business payments market. That’s a market that’s 10 times the size of retail payments. What’s important about what we do is we specifically want to bring the power of blockchain within existing banking regulations. Remarkably, 60%, or more than 60% of all b2b payments are made using paper checks. So we see as a tremendous opportunity to modernize and transform payments. Blockchain offers a solution to many problems that plague not only banks, but also their business customers. Despite the advent of the digital economy, still there problems with overnight settlements, processing delays, cut off times, transaction size limits, and high fees. Every part of the economy operates around the clock. There’s no reason why b2b payments shouldn’t operate around the clock. There’s no reason why they shouldn’t be secure, and instantaneous. And that’s what we bring to the to the b2b market. So the most prominent distinction between private versus public blockchains related to who is allowed to participate, maintain a shared ledger. In validating transactions. Public blockchains use the public network participants to validate transactions, which means those transactions are visible to anyone and anybody in the world at a time. Whereas private transactions are limited to limited in terms of who can validate and see transaction data. private blockchain therefore gives a much higher level of privacy and security to the participants to the participants in a transaction. So our view the world going back to what our mission is, is bring all the power, efficiency and flexibility of blockchain to private transactions, so do that their private environment, banks already needed to comply with client profits, privacy restrictions, no your customer, anti money, anti money laundering laws, and private permission. Blockchain remains the best and most clear solution for banking transactions. Tacit pay, which is one of our officing offerings, leverages existing regulatory frameworks than time tested bank anti fraud measures, to make blockchain compatible with the banking system, as it exists today ensures that all transactions remain private than a banks institution and the regulated financial ecosystem. You cannot do that with public blockchain, but you can with private blockchain.Whitney McDonald 03:40
Okay, now kind of getting into the technology. So you’ve explained it. But now talking about the nitty gritty of how does this actually work? How does the technology work?Kevin Greene. 03:54
So, what tassatpay does that instantaneous a tokenizes US dollar deposit using a private permission blockchain that then allows that information to be transferred instantaneously. Unlike cryptocurrencies or stable coins, we do not create a currency. We don’t create something which is publicly tradable. We simply create a digital representation of the dollar and said digital messaging that gets transferred within the bank in the case of tacit pay, or across banks in terms of the form of our digital interbank network. So the results of that is that you get transactions are executed. Without all the inefficiencies, delays, and higher costs of existing payment rails. It’s a much more efficient, much more secure way of transferring value.
Whitney McDonald 04:49
Where does automation fit into this tacit pay offering?
Kevin Greene. 04:53
Sure. Two ways. So we’re automating the tokenization and transfer of dollar deposit sits within a bank or across banks. But secondly, we’ve introduced smart contracts. smart contracts are contractual relationship between two business customers, facilitated by a bank, which automates that transaction that might have to do with the timing of a payment discounts being offered, penalties being paid. So many, many banking transactions that that have to happen at a certain period of time with certain financials can be automated on a smart contract.
Whitney McDonald 05:33
Now, of course, the reason that we’re talking is is this latest news that cogent bank, it has, has launched this on their platform as well. So if we can kind of talk about how cogent bank fits into all of this, and you can kind of explain their their recent launch of tacit pay.
Kevin Greene. 05:54
So as you know, cogent Bank is a full service, business and personal bank, and they have deep commitment to supporting businesses of all sizes, in their operating areas, they want to provide their b2b clients with instantaneous payments, using the power of blockchain technology that are regulatorily compliant manner. They see blockchain able payments and other financial services as offering their clients a better solution, better fraud, protection, faster settlement, reduced inefficiencies, and lower costs. Most importantly, they understood the tasks of pay can be adopted, without disruption to their operations, or the services they provide to their clients. So there’s a perfect fit for them.
Whitney McDonald 06:41
Here we are, almost six months later, or six months later, and it’s launched on their platform, as well. Um, so for cogent banks specifically, and then any other banks that that are planning to do the same, I think it would be beneficial to discuss what this real time payment offering adds to the bank itself and for its clients.
Kevin Greene. 07:05
Sure, so I mentioned already that for the clients, we’re talking about real time payments, 24 hours a day, 365 days a year, securely and instantaneously. That’s a real value, and not waiting for fed windows open or close, you’re not drawn down by any downtime for those systems. And on our platform, our tacit pay platform, we also have Fedwire available. So they can either use real time payments, or use Fedwire if they if they wish to. So it’s one stop shopping. On top of that they can build smart contracts described earlier, that really accelerates the power of tacit pay and the blockchain for those clients. So it’s very, very powerful stuff. I think the ultimate value of which is just beginning to be realized. So they’ll be able to do a lot of interesting thing for things for their clients.
Whitney McDonald 08:02
And then just talking bigger picture, I know that you said you talked to many banks, any other launches on the horizon are examples of any other banks that have implemented the technology.
Kevin Greene. 08:14
Sure. So additionally, customers bank, Western alliance bank Signature Bank, customers bank, and Axos bank, have already gone live on tacit pay to provide blockchain enabled payments and other banking services for their b2b customers. We’re also in discussions with dozens of other banks about tacit pay. In addition, we have 40 banks participating in working group towards the launch of the digital interbank network, which is being developed using intellectual property from tacit, while tacit pay enables transactions between two customers of the same bank. So we call that an intra bank solution. The network as we call it will now enable transactions between customers of different banks. So it’s across banks for the interbank solution. So those are our two main offerings, and then smart contracts on both platforms. It is not launched yet, but we’ll be updating you on that in the not too distant future.
Whitney McDonald 09:16
Perfect, um, anything that I left out or missed that you wanted to add about Tessa pay or this relationship in particular?
Kevin Greene. 09:24
Sure. So it’s another data point. Almost half of all the transactions that we’ve executed, have happened outside of nine to five, Monday through Friday. That’s also surprising to people. That five to 7% on the weekends, and the balance about 40 percentage points during the week outside of nine to five. Think about what you do today with your iPhone, everything in your life. Really payments, the only thing left that people do nine to five, everything else we do around the clock whenever we want to. But somehow when it comes for payments and banking services, we constrain ourselves nine to five. So that world’s changing.
Whitney McDonald 10:09
You’ve been listening to the buzz, a bank automation news podcast, please follow us on Twitter and LinkedIn. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time and be sure to visit us at Bank automation news.com For more automation news
