FedNow will be granted access through Tassat Group’s client-facing application programming interface (API).
According to a news release, Tassat’s private blockchain-based B2B solutions will serve as on-ramps for commercial banks interested in joining the Fed’s platform when the FedNow real-time payments train is launched.
“While common individuals may move money at any time of day or week,” Tassat Group Chairman and CEO Kevin R. Greene said in a statement, “businesses are constrained to 9 a.m. to 5 p.m., Monday through Friday.” “That must change, and we are looking forward to the arrival of FedNow.”
“With the launch nearing, we urge financial institutions and their industry partners to expedite their preparations to join the FedNow Service,” said Ken Montgomery, executive director of the initiative, in a news release.
FedNow will enable real-time payments to the financial industry around the clock, according to the press release, while Tassat’s TassatPay and Digital Interbank Network will serve as an entry point for commercial banks.
Tassat has worked with its bank partners to develop logistics, mortgage warehousing, commercial construction, private equity capital calls, broader working capital applications, and other FedNow-enabled use cases for banks’ corporate clients, according to the release.
