Cogent Bank Launches Real-Time, Blockchain-Based Payments Through TassatPay®

·3 min read

NEW YORK, June 28, 2022--(BUSINESS WIRE)--Tassat® Group Inc., the leading provider of private blockchain-based, B2B real-time payments and financial services solutions to banks, today announced that Orlando, Florida-headquartered Cogent Bank has launched a fully-integrated digital banking platform powered by Tassat. The private permissioned blockchain-based payments platform, now available to Cogent Bank’s business-to-business (B2B) clients, is the latest adoption of TassatPay by a bank for use in its clients’ transactions.

"We welcome Cogent Bank to the growing roster of banks that are using TassatPay to facilitate real-time payments by their B2B clients," said Kevin R. Greene, Tassat’s Chairman and CEO. "TassatPay is the only private permissioned blockchain-based, real-time payments platform fully deployed within the U.S. banking system. Working within our platform gives businesses confidence that their payments will be carried out safely, securely and in compliance with banking regulations."

Cogent Bank’s adoption of the TassatPay platform will enable its B2B clients to make real-time payments 24 hours a day, 7 days a week, 365 days a year to other Cogent Bank clients enrolled in TassatPay. TassatPay, which has processed over $450 billion in transactions, provides benefits including immediate settlement, reduced costs, enhanced security and privacy and no limits on transaction sizes or volumes. TassatPay also provides a one-stop shop for B2B payments - allowing a bank’s clients to transfer money instantaneously, automate payments with smart contracts and connect to Fedwire within the same interface.

"We recognize that TassatPay will allow us to compete in today’s digital economy," said Chirag Bhavsar, president of Cogent Bank. "It’s never been more important to provide our clients with instantaneous payments utilizing blockchain technology."

The launch of TassatPay by Cogent Bank, through an agreement originally announced in January 2022, follows record interest by banks in TassatPay. Western Alliance Bank, Signature Bank, Customers Bank, Cogent Bank and Axos Bank have deployed TassatPay to provide blockchain-enabled payments for their B2B clients.

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 instantaneous, secure, real-time payments 24/7/365. TassatPay has become the most trusted blockchain-based platform for the banking industry and its B2B customers with over $450 billion in secure, real-time transactions to date. Tassat has added Smart Contracts and Fedwire functionality to make TassatPay a one-stop-shop for B2B Payments. Tassat was honored with a 2021 Google Cloud Customer Award for innovation in financial services. For more information, visit us at www.tassatpay.com, on Twitter or on LinkedIn.

About Cogent Bank

Cogent Bank is a state-chartered bank that has operated as a full-service business and personal bank since 2001. With over $1 billion in total assets, Cogent offers multiple banking centers in North, Central and Southwest Florida. Cogent offers a broad range of lending, depository, treasury management and mobile banking services designed to meet the complex and diverse needs of its clients while staying focused on the local communities it serves. Cogent believes banking is personal and requires high-touch, innovative services designed to make managing financial transactions easier. Cogent pairs its financial expertise with a passion for learning more about its clients’ goals and objectives. To learn more, visit www.cogentbank.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220628005259/en/

Contacts

Media:
Loretta Healy
The Hubbell Group, Inc.
1-781-718-1117
lhealy@hubbellgroup.com

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