Customers Bancorp creating blockchain payments platform

Customers Bancorp in Wyomissing, Pa., is planning to launch a closed-loop real-time payments platform.

The $18.8 billion-asset company said in a press release Thursday that its bank will work with Tassat, a company that provides blockchain technologies for digital payments, to create the platform. Customers said the effort should enhance payments functionality for its business clients while bringing in more low-cost core deposits.

The platform should benefit customers that deal in financial exchanges, commercial real estate, health care, hospitality, insurance, accounting, alternative energy and manufacturing. The plan is to work with clients to address specific payments challenges and to form payments ecosystems with their trading partners.

“B2B payments have lagged behind consumer payments in innovation, presenting a huge opportunity for digital transformation,” Sam Sidhu, vice chairman and chief operating officer of Customers Bank, said in the release. “We expect our clients in key verticals will invite their important trading partners to join TassatPay, bringing us new clients and low-cost deposits.”

Customers recently announced plans to open offices in Orlando, Fla., and Dallas, while increasing its operations in Chicago.