WEST READING, Pa. & NEW YORK--(BUSINESS WIRE)--Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE:CUBI) a bank holding company, and Tassat, a global provider of blockchain technologies for digital payments, today announced that Customers Bank will use Tassat’s proprietary platform TassatPay® Network, which features real-time B2B payments and integration of digital and legacy payment rails. The partnership will deliver enhanced payments functionality for the bank’s business clients and low-cost core deposit growth for the bank.
Customers Bank, known for its high tech/high touch approach, has business clients in industries such as financial exchanges, commercial real estate, healthcare, hospitality, insurance, accounting, alternative energy, and manufacturing who will benefit from this capability immediately. The bank has been a leader in digital financial solutions since 2015, launching innovative offerings to millions of Americans through several platforms including its BankMobile student loan refund program, and partnerships with T-Mobile Money, and many notable fintech partners. The BankMobile division was spun-off early this year as BMTX.
Customers Bank is one of America’s top five Paycheck Protection Program lenders, providing over 320,000 PPP loans with an aggregate value over $9 billion through a hybrid of fintech and traditional banking platforms. The bank’s technology prowess allowed it to deliver much needed economic relief to small business owners and independent contractors across America with great success in low- and middle-income areas.
Customers Bank chose Tassat for its digital payments expertise and track record running a high-volume B2B payments platform. It plans to collaborate with clients on using TassatPay Network to address their specific payments challenges and forming payments ecosystems with their trading partners. Customers Bank perceives TassatPay to be the next step in its evolution of financial services.
TassatPay Network uses blockchain technology to tokenize US dollar deposits at banks to provide secure, frictionless instant payments, eliminating typical challenges such as overnight settlement, processing delays, cut-off times and high transaction fees. It offers an API that lets bank customers embed its capabilities into their own systems. Tassat’s first implementation was launched in 2019 and has since processed billions of dollars in transactions over digital rails.
“B2B payments have lagged behind consumer payments in innovation, presenting a huge opportunity for digital transformation. We are eager to partner with TassatPay Network as the cornerstone of our B2B payments strategy,” said Sam Sidhu, Vice Chairman and Chief Operating Officer, Customers Bank. “We expect our clients in key verticals will invite their important trading partners to join TassatPay, bringing us new clients and low-cost deposits.”
“Most companies struggle with the limitations of antiquated payment rails,” said Ron Totaro, CEO, Tassat. “Customers Bank is at the forefront of digital evolution and fintech partnerships, so we are excited to help them and their business clients with an on-ramp to B2B digital payments.”
Recently, Customers Bank announced the first phase of a national expansion with the opening of offices in Orlando, FL and Dallas, TX; and the reboot of an office in Chicago, IL. These teams of seasoned commercial bankers will be offering the benefits of the TassatPay Network to clients in the new markets.
About Customers Bank
Customers Bank, a subsidiary of Customers Bancorp, Inc. (NYSE:CUBI) a bank holding company, is a full-service super-community bank with assets of approximately $18.8 billion at March 31, 2021. 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 digital-first apps, online portals, and a network of offices and branches. Additional information can be found on the company’s website, www.customersbank.com.
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 approved by a major bank regulator, and has transacted billions of dollars to date. For additional information, please visit tassat.com or connect with the company on Twitter or LinkedIn.