Today, Tassat Group announced the launch of The Digital Interbank Network for real-time business-to-business payments. Cogent Bank, Customers Bank and Western Alliance Bank began trading on the private blockchain network on Saturday, completing 400 transactions worth $500 million.

The main benefits of the solution are that it enables real-time payments 24/7, with no transaction limits, while integrating with existing banking systems.

“It has long been our view that privately-permissioned blockchain technology that operates entirely within the existing US banking system can deliver the full power of blockchain without the need to discard or replace America’s trusted banking system that has served the US and the world for more than 100 years,” said Kevin R. Greene, Chairman and CEO of Tassat.

Although the solution uses blockchain, each payment is tied to a bank account at an FDIC-insured bank.

The solution is independent from TassatPay, which uses blockchain for payments within a single bank. All three banks are TassatPay clients, as are Signature Bank, Axos Bank and Byline Bank, with a combined $600 billion in payments made using that solution.

Regarding the interbank network, in addition to the three banks that are active, another eight banks have participated in a working group providing information on the solution. They are Byline Bank, California Bank of Commerce, Emprise Bank, First Foundation Bank, Lineage Bank, OceanFirst Bank, SouthState Bank, and Texas Capital Bank.

Several blockchain-based interbank payment networks are in progress around the world. Seventeen major institutions have backed UK-based Fnality, which is due to launch this month. In Singapore, JP Morgan and DBS Bank are two of the sponsors of the Partior interbank network for multi-currency payments. And closer to home, the USDF Consortium targets interbank payments for community banks in the United States. Visa launched its