Tassat, a fintech company focused on banking, announced the successful testing of its new Digital Interbank Network, a blockchain-based business-to-business payment network designed specifically to serve banks in the U.S.
The network's formal launch earlier this week saw over 400 transactions conducted successfully over an eight-hour period, with an average of $1.25 million per transaction. Participants in the test included Cogent Bank, Customer Bank and Western Alliance Bank. Overall, the three processed more than $500 million worth of transactions using this new network, which exceeded the company's expectations.
The new network is meant to be used to facilitate secure, instantaneous transactions around the clock between B2B customers of all sizes at member banks with no network-imposed limits on transaction sizes or volumes. Advising the company in this endeavor, beyond the three banks which participated in the test, are: Byline Bank, California Bank of Commerce, Emprise Bank,...
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