Tassat Group will give FedNow access via its client-facing application programming interface (API).
Tassat’s private blockchain-based B2B solutions will serve as on-ramps for commercial banks who wish to join the Fed’s platform when the Federal Reserve opens the FedNow real-time payments rail, according to a news release.
“Although everyday customers can move money at any time of day or week, companies are confined to 9 a.m. to 5 p.m., Monday through Friday.” That must change, and we are looking forward to the advent of FedNow,” Tassat Group Chairman and CEO Kevin R. Greene said in a statement.
“With the launch approaching, we urge financial institutions and their industry partners to accelerate their preparations to join the FedNow Service,” said Ken Montgomery, the program’s executive director, in a news statement.
According to the press release, FedNow will provide real-time payments to the financial industry around the clock, while Tassat’s TassatPay and Digital Interbank Network will serve as an entrance point for commercial banks.
According to the statement, Tassat has collaborated with its bank partners to build logistics, mortgage warehousing, commercial construction, private equity capital calls, broader working capital applications, and other FedNow-enabled use cases for banks’ corporate clients.
