Tassat Group Inc., the leading provider of private blockchain-based, real-time B2B payment solutions for banks announced today that it is launching Smart Contracts, enabling bank clients to access customizable payment logic within TassatPay, making contracting and invoicing more efficient and effective while also reducing the potential for errors and fraud.
“Smart Contracts is an extension of TassatPay’s capabilities beyond secure, real-time digital payments, and is the next step in leveraging the potential of blockchain technology for banks,” said Kevin R. Greene, Tassat’s Chairman and CEO. “By automating contract functions and linking them to payments, banks can empower their corporate customers to automate repetitive financial tasks and processes, securely and without the need for costly intermediaries.”
Agreements entered through TassatPay’s Smart Contracts application are fulfilled automatically if specified preconditions are met. The contracts are created using “if/then” language: For example, if a vendor delivers a product, then payment is made automatically. Discounts and penalties also can be added based upon the timing of payments, as well as instructions for continuous payments based upon preset criteria. Safeguards in the process ensure that all conditions must be fulfilled before payment is made.
“Smart Contracts empower banks to become innovators in financial services and enhance the value they deliver to their corporate customers. As with real-time payments delivered 24/7/365 by TassatPay, Smart Contracts enable banks to deepen client relationships and increase deposits, revenues and profits through value-added services,” Greene added.
Eric Couillard, Tassat’s Director of Engineering, noted “The Smart Contracts application operates on a private, permissioned blockchain, providing maximum security and efficiency. With Smart Contracts, we are leveraging the latest innovations in the technology while ensuring transactions are secure and private. Blockchain technology makes it easy for banks and their customers to utilize customized solutions while also ensuring a permanent audit trail. The potential for banks and their clients to innovate with Smart Contracts is virtually unlimited.”
TassatPay’s private, permissioned blockchain payments application, which has processed more than $370 billion in digital payments for banks’ commercial customers, ensures that payments made through Smart Contracts are seamless, secure and efficient.
“Utilizing Smart Contract capabilities allows bank customers to streamline, simplify and automate their business processes, making the manual processing and tracking of purchase orders, invoices, discounting and other payment policies a thing of the past,” said Glendy Kam, Tassat’s Director, Product Development. “We envision substantial savings and improvements in how companies do business, with far more efficient and effective automated and customized payment policies and processes. As a result, banks will partner with their corporate clients to both reduce expenses and manage their working capital more effectively.”
Underscoring the strength of Tassat’s ability to ensure the security of Smart Contracts, Tassat also announced that it successfully completed a System and Organization Controls (SOC) 2® Type II independent audit, which evaluates a firm’s customer data security, privacy and confidentiality safeguards, receiving an unqualified opinion from KirkpatrickPrice, the independent accredited auditor and SOC2 specialist who conducted the examination.
Tassat’s launch of Smart Contracts follows record interest by banks across the country in TassatPay, including recent additions to the TassatPay platform with Western Alliance Bank, Customers Bank and Cogent Bank.