Tassat blockchain to join FedNow service with B2B onramp as pilot prepares for launch

Blockchain relation Tassat announced March 14 that it volition supply entree to the United States Federal Reserve’s FedNow outgo system. FedNow, which volition motorboat arsenic a aviator task aboriginal this year, volition supply real-time, round-the-clock outgo service.

Tassat volition service arsenic a business-to-business onramp for FedNow done a client-facing exertion programming interface (API), CEO Kevin Greene told Cointelegraph. Both the company’s interbank and intrabank services volition supply FedNow access.

The FedNow aviator is expected to statesman successful June oregon July with a tiny fig of banks. The strategy volition connection real-time gross colony by funneling commercialized slope wealth from a sender done a Fed recognition relationship to its recipient. It is often seen arsenic a non-blockchain alternative to cardinal slope integer currency (CBDC) and to stablecoin.

FedNow volition initially beryllium disposable lone for home transfer, which suited Greene. “We person a batch of enactment to bash present successful America,” helium said. He referred to the U.S. fiscal infrastructure arsenic “antiquated.”

Fednow… pic.twitter.com/OGRW3kUUBh

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Tassat has a pipeline of six banks, which see the recently-shuttered Signature Bank. Greene said of the caller slope closures:

"Recent events person illuminated the existential situation that small, mid-sized and determination banks face, peculiarly being squeezed retired by the mega banks.”

Blockchain adoption is progressing rapidly successful the banking system, according to Greene. “Sixteen months ago, astir slope CEOs didn’t cognize overmuch astir blockchain astatine all,” helium said, “and contiguous the feeling is […] they person to person immoderate benignant of blockchain strategy.” Greene Added that Tassat had doubled its fig of employees to 90 successful the past 12 months.

Related: FedNow — US Federal Reserve Payment Tool a Threat to Banks, Not Crypto

Greene began arsenic an capitalist and committee subordinate astatine the institution erstwhile it was founded successful 2017, past moved into the CEO and president positions.