Tassat Group is set to revolutionize the landscape of real-time payments with its innovative approach to providing access to the Federal Reserve’s FedNow platform. Through its client-facing application programming interface (API), Tassat will offer commercial banks seamless integration into the FedNow real-time payments rail, ushering in a new era of accessibility and efficiency in financial transactions.
The introduction of FedNow represents a significant step forward in modernizing the payment infrastructure, enabling individuals and businesses alike to initiate and receive payments in real-time, without the constraints of traditional banking hours. Tassat’s private blockchain-based B2B solutions will play a pivotal role in facilitating this transition, serving as on-ramps for commercial banks seeking to leverage the capabilities of the FedNow platform.
Tassat Group Chairman and CEO, Kevin R. Greene, emphasized the need for expanded access to real-time payments, particularly for businesses operating outside of standard banking hours. He highlighted the transformative potential of FedNow in empowering companies to conduct transactions seamlessly and efficiently, regardless of the time or day of the week.
The impending launch of FedNow underscores the importance of proactive preparation within the financial industry. Ken Montgomery, the program’s executive director, urged financial institutions and their partners to accelerate their readiness to join the FedNow Service, recognizing the critical role they play in realizing the full potential of real-time payments.
FedNow’s promise of round-the-clock real-time payments represents a paradigm shift in the financial landscape, offering unprecedented speed and convenience to businesses and consumers alike. Tassat’s TassatPay and Digital Interbank Network will serve as essential gateways for commercial banks, providing them with seamless access to FedNow’s capabilities.
Through strategic collaboration with its bank partners, Tassat has developed a comprehensive suite of solutions tailored to meet the diverse needs of corporate clients. From logistics and mortgage warehousing to commercial construction and private equity capital calls, Tassat has identified and addressed a wide range of FedNow-enabled use cases, ensuring that banks and their corporate clients can fully capitalize on the benefits of real-time payments.
By leveraging Tassat’s expertise and infrastructure, commercial banks can position themselves at the forefront of the real-time payments revolution, offering their clients unparalleled speed, efficiency, and flexibility in financial transactions. As the launch of FedNow draws nearer, the importance of seamless integration and proactive preparation cannot be overstated, and Tassat stands ready to support financial institutions every step of the way.
