NEW YORK–(BUSINESS WIRE)–Tassat Group Inc., the main supplier of personal blockchain-based, real-time B2B cost options for banks introduced immediately that it’s launching Good Contracts, enabling financial institution shoppers to entry customizable cost logic inside TassatPay, making contracting and invoicing extra environment friendly and efficient whereas additionally lowering the potential for errors and fraud.
“Good Contracts is an extension of TassatPay’s capabilities past safe, real-time digital funds, and is the subsequent step in leveraging the potential of blockchain expertise for banks,” mentioned Kevin R. Greene, Tassat’s Chairman and CEO. “By automating contract features and linking them to funds, banks can empower their company clients to automate repetitive monetary duties and processes, securely and with out the necessity for expensive intermediaries.”
Agreements entered via TassatPay’s Good Contracts software are fulfilled robotically if specified preconditions are met. The contracts are created utilizing “if/then” language: For instance, if a vendor delivers a product, then cost is made robotically. Reductions and penalties additionally could be added primarily based upon the timing of funds, in addition to directions for steady funds primarily based upon preset standards. Safeguards within the course of be certain that all circumstances have to be fulfilled earlier than cost is made.
“Good Contracts empower banks to develop into innovators in monetary companies and improve the worth they ship to their company clients. As with real-time funds delivered 24/7/365 by TassatPay, Good Contracts allow banks to deepen consumer relationships and enhance deposits, revenues and income via value-added companies,” Greene added.
Eric Couillard, Tassat’s Director of Engineering, famous “The Good Contracts software operates on a non-public, permissioned blockchain, offering most safety and effectivity. With Good Contracts, we’re leveraging the newest improvements within the expertise whereas guaranteeing transactions are safe and personal. Blockchain expertise makes it straightforward for banks and their clients to make the most of custom-made options whereas additionally guaranteeing a everlasting audit path. The potential for banks and their shoppers to innovate with Good Contracts is nearly limitless.”
TassatPay’s personal, permissioned blockchain funds software, which has processed greater than $370 billion in digital funds for banks’ business clients, ensures that funds made via Good Contracts are seamless, safe and environment friendly.
“Using Good Contract capabilities permits financial institution clients to streamline, simplify and automate their enterprise processes, making the guide processing and monitoring of buy orders, invoices, discounting and different cost insurance policies a factor of the previous,” mentioned Glendy Kam, Tassat’s Director, Product Improvement. “We envision substantial financial savings and enhancements in how firms do enterprise, with way more environment friendly and efficient automated and customised cost insurance policies and processes. Consequently, banks will accomplice with their company shoppers to each cut back bills and handle their working capital extra successfully.”
Underscoring the power of Tassat’s capacity to make sure the safety of Good Contracts, Tassat additionally introduced that it efficiently accomplished a System and Group Controls (SOC) 2® Kind II unbiased audit, which evaluates a agency’s buyer information safety, privateness and confidentiality safeguards, receiving an unqualified opinion from KirkpatrickPrice, the unbiased accredited auditor and SOC2 specialist who performed the examination.
Tassat’s launch of Good Contracts follows document curiosity by banks throughout the nation in TassatPay, together with current additions to the TassatPay platform with Western Alliance Financial institution, Clients Financial institution and Cogent Financial institution.
About Tassat Group
Tassat Group Inc. is a NY-based expertise firm that’s the main supplier of personal blockchain-based, real-time options for business banks together with TassatPay, which allows banks to supply their clients with instantaneous, safe, real-time funds 24/7/365. TassatPay has develop into essentially the most trusted personal, permissioned blockchain-based platform for the banking business and its B2B clients with over $370 billion in safe, real-time transactions so far. This confirmed platform supplies an on-ramp for banks to start transitioning from legacy expertise to blockchain expertise that not solely will make present companies akin to funds extra environment friendly, but in addition creates alternatives in areas akin to good contracts. Tassat not too long ago was honored with a 2021 Google Cloud Buyer Award for innovation in monetary companies. For extra data, go to us at www.tassatpay.com, on Twitter or on LinkedIn.