Customers Bank and TessatPay have launched a Customers Bank Instant Token or CBIT on TessatPay, a blockchain-based real-time payments platform.
The CBIT Token is a tokenized US dollar deposit tied token that will allow the potential for smart contracts, processing transactions in multiple digital currencies, and enhanced data capabilities for Customers Bank.
“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.
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.
Customers Bank is a subsidiary of Customers Bancorp., Inc which is a Pennsylvania-based full-service bank with over $19.6 billion in assets (as of June 30, 2021) and over 500 employees.
“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.”
Customers Bank and Tassat first started working together in May, joining forces on the TassatPay Network, including in-the-moment corporate payments and the connection of digital and traditional payment rails.
Customers Bank joined forces with Tassat because of the latter firm’s digital payments knowledge and history operating a high-volume corporate payments infrastructure, a natural progression in its so-called “evolution of financial services.”
Earlier this year, Customers Bank opened new offices in Dallas and Orlando, Florida, and overhauled its Chicago office as part of a nationwide expansion.