Tassat Group and Glasstower Digital announced the beginning of cooperation to facilitate the procedure for making cross-border digital B2B payments.
Last Thursday, May 16, the mentioned companies published a press release that contained information that they joined forces to achieve the specified goal. As part of the implementation of the partnership Tassat Group and Glasstower Digital will provide international cooperative institutions with secure, immediate, and cost-effective solutions for cross-border payment transactions.
The press release notes that the companies will use blockchain technology and money market funds. The parties to the cooperation will provide multinational corporate institutions with access to safe, efficient, and cost-effective solutions. Also, one of the tasks of cooperation between Tassat Group and Glasstower Digital is to drive the digital transformation of the financial sector. To a certain extent, these are result-oriented actions that are part of a global advanced process. Moreover, as part of the collaboration, the companies intend to revolutionize the way companies conduct cross-border transactions.
Tassat Group is known for its private authorized solutions for real-time payments based on blockchain. As of today, the flagship product of this company, which is TassatPay, has made transactions totaling more than $1.8 trillion.
The press release also notes that Tassat Group, through the use of private blockchain technology, provides corporate organizations with the opportunity to carry out cross-border transactions, while guaranteeing a high level of security, efficiency, and full control over the process. Smart contracts ensure a trusted and proven system for sharing data and executing agreements.
The press release also notes that Glasstower Digital offers high yields on balance sheets maintained by asset managers in the global money market. The technology platform of this company operates in a digital environment with tight restrictions. In this case, the participation of trusted and well-regulated entities is ensured. The company utilizes money market funds as a non-bank B2B service for cross-border digital payment transactions. The firm provides liquidity efficiency and risk management diversification.
As part of the partnership, the companies will offer corporate and institutional users a first-of-its-kind solution for B2B digital payment transactions based on blockchain. The corresponding goal is declared in a press release.
It is worth noting that traditional methods of making international payment transactions are associated with significant difficulties in terms of the specifics of the relevant procedure for the business. In this case, the most common and most sensitive problems are low speed, high costs, and lack of transparency. Against the background of these negative aspects of traditional mechanisms, a consumer need has formed for advanced solutions for cross-border payment operations, the main advantages of which are a simpler procedure, simplified compliance with legal requirements, and improved cash flow and liquidity management.
In November, Tassat Group announced that it was once again focusing on product development and expansion into new markets. At that time, the company also announced its intention to continue investing in solutions that will enable the financial services sector to meet the global demands of the digital economy. Tassat Group CEO Zain Saidin said in November that the firm employs a best-in-class group of technologists who continue to scale the capabilities of consumers of all sizes with secure, real-time payment technology.
It is worth noting that in recent years, significant progress has been recorded in the payment transaction industry in terms of solution diversity. Currently, there are many B2B, B2C, C2C examples. The development process in this environment continues, which is why fundamentally new solutions may be developed over time. The improvement of existing products is actually guaranteed since fintech companies are actively working in the appropriate direction.
