Customers Bank in cooperation with Tassat will start serving cryptocurrency firms – Bits Media

American Customers Bank has entered into a partnership with payment operator Tassat to conduct tokenized payments in real time.

Customers Bank from the state of Pennsylvania "replenished the ranks" of American organizations, insured by the Federal Corporation for deposits insurance (FDIC) and ready to work with cryptocurrency firms. The bank will be able to serve their accounts, Using the TASSAT platform based on blockchain, which will allow customers of the bank to instantly send each other payments in dollars.

Due to strict rules to combat money laundering (AML) and the need to carry out the KYC procedure, Most banks are not ready to cooperate with cryptocurrency firms. However, exchanges and other companies, Digital assets working in the market, Process large payments, Therefore, they are forced to contact banks for safe storage and movement of fiat money customers.

Head of Digital Assets of Customers Bank Cameron Somers (Cameron Somers) reported, that the bank is ready to expand its offers for cryptocurrency space and develop payment products using blockchain. Customers Bank intends to compete with the American Signature Bank and Silvergate Bank, Serving cryptocurrency companies.

Somers said, that the bank will choose from 10 to 15 clients, which will take part in testing the payment platform from the supplier of TASSAT solutions. In case of successful testing, In October, the bank will provide access to it to all customers. After the formation of a fully functional ecosystem, whose participants will become various institutions, Customers Bank will expand it, Adding new products.

“Our clients are interested in digital assets, They are trying to find ways to enter the cryptocurrency market. Therefore, we decided to focus on cryptocurrency firms, who can directly or indirectly serve these customers ", - said Sam Sidhu (Sam sidhu), Deputy Chairman and Operating Director of Customers Bank.

Sidhu specified, that using the Tassat Pay network, payments will be made through the blockchain in real time by tokenize deposits in US dollars and their subsequent movement between digital wallets on the TASSAT platform. Despite, that the platform is connected to traditional payment systems, such as automated clearing system (ACH) and Fedwire, Tassat blockchain can simplify payments for bank customers.

Customers Bank plans to offer a Tassat Pay solution even to those users, who are not related to cryptocurrencies. According to Sidhu, Tassat Pay will be useful for customers, operating in the field of accounting, alternative energy, commercial real estate, healthcare, hotel business, insurance and production.

“The country's largest banks are experimenting with blockchain to attract customers. Unlike small and medium financial organizations, which should make a profit from each cent, spent on the introduction of the latest technologies, Large banks have a team and an extensive budget ", - believes the general director of Tassat Ron Totaro (Ron Totaro).

Months ago, Due to regulatory pressure on cryptocurrency industry, Silvergate Bank has stopped providing Binance Exchange services.