Tassat launches smart contracts within TassatPay for banking
By Edlyn Cardoza
March 25, 2022
- B2B payment solutions
- Digital payments
Tassat Group Inc., a leading provider of real-time, private blockchain-based B2B payment solutions for banks, recently announced the launch of smart contracts, enabling bank customers to access payment logic. customizable payment within TassatPay, making contracts and invoicing more efficient and effective while reducing the risk of error and fraud.
“Smart contracts are an extension of TassatPay’s capabilities beyond secure, real-time digital payments, and are the next step in harnessing the potential of blockchain technology for banks,” said Kevin R. Greene, President and CEO of Tassat. “By automating contractual functions and linking them to payments, banks can enable their corporate customers to automate repetitive financial tasks and processes, securely and without the need for costly intermediaries.”
Agreements made through TassatPay’s Smart Contracts app are fulfilled automatically if the specified prerequisites are met. Contracts are created using “if/then” language. Discounts and penalties can also be added based on the payment schedule and instructions for ongoing payments based on predefined criteria. Guarantees ensure that all conditions must be met before payment is made.
“Smart contracts enable banks to become innovators in financial services and improve the value they deliver to their corporate customers. Similar to real-time payments delivered 24/7/365 by TassatPay, smart contracts allow banks to deepen customer relationships and increase deposits, revenue and profits through value-added services” , Greene added.
Eric Couillard, engineering director of Tassat, noted, “The Smart Contracts app runs on a private, permissioned blockchain, providing maximum security and efficiency. With smart contracts, we take advantage of the latest technological innovations while guaranteeing the security and confidentiality of transactions. Blockchain technology allows banks and their customers to easily use customized solutions while ensuring a permanent audit trail. The potential for banks and their customers to innovate with smart contracts is virtually limitless.
TassatPay’s private and authorized blockchain payment application, which has processed over $370 billion in digital payments for banks’ business customers, ensures that payments made via smart contracts are transparent, secure and efficient.
“Using the capabilities of Smart Contract enables bank customers to streamline, simplify and automate their business processes, by making manual processing and tracking of purchase orders, invoices, discounts and other payment policies a thing of the past,” said Glendy Kam, Director of Product Development at Tassat. “We envision substantial savings and improvements in the way companies do business, with much more effective and efficient automated and personalized payment policies and processes. As a result, banks will partner with their corporate clients to both reduce expenses and more effectively manage their working capital. »
Highlighting the strength of Tassat’s ability to provide smart contract security, Tassat also announced that it has successfully completed a System and Organization Check (SOC) 2® Type II independent audit, which assesses a company’s security, privacy and customer data privacy safeguards, receiving an unqualified opinion from KirkpatrickPrice, the accredited independent auditor and SOC2 specialist who conducted the review.
Tassat’s launch of Smart Contracts follows record interest from banks across the country in TassatPay, including recent additions to the TassatPay platform with Western Alliance Bank, Customers Bank and Cogent Bank.
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