ST. LOUIS, MO -- (Marketwired) -- 02/08/18 -- Cass Information Systems, Inc. (NASDAQ: CASS), a leading provider of integrated information and payment management solutions, has joined the Blockchain in Transport Alliance (BiTA), a consortium of industry leaders committed to developing standards and guiding the widespread adoption of blockchain technology in logistics.
Blockchain technology allows many parties to contribute data and share access to a common ledger in a way that prevents any participant from tampering with the integrity of the data. In logistics, for example, this could mean that all parties related to a freight move -- from shippers and carriers to software providers and financial partners -- could create a shared and trustworthy digital record that contains information at every phase of that move, from load tendering to payment. Although still in its infancy, blockchain has been characterized as a disruptive technology that, if widely adopted, could enable a giant leap forward in supply chain collaboration and automation.
Cass processed nearly $25 billion in 2017 on behalf of its freight payment clients and is a global leader in freight payment services.
"Cass joined BiTA so it could participate in conversations surrounding the important areas of audit, accounting, payment and related business intelligence," stated Mark Campbell, president of Transportation Information Services at Cass Information Systems. "We share the view of fellow BiTA members that blockchain is a promising technology for advancements in transportation."
BiTA, founded in 2017, has already achieved great success attracting a wide variety of member companies, including logistics, technology, OEM, financial services and other organizations. "Adding a freight audit and payment company to our membership was vital," commented Craig Fuller, BiTA co-founder. "Carrier payment is obviously a key component in the movement of goods, and Cass certainly has an influential voice among our members."
About Cass Information Systems, Inc.
Cass Information Systems, Inc. is a leading provider of integrated information and payment management solutions. Cass enables enterprises to achieve visibility, control and efficiency in their supply chains, communications networks, facilities and other operations. Disbursing more than $50 billion annually on behalf of clients, and with total assets exceeding $1.5 billion, Cass is uniquely supported by Cass Commercial Bank. Founded in 1906 and a wholly owned subsidiary, Cass Bank provides sophisticated financial exchange services to the parent organization and its clients. Cass is part of the Russell 2000®.
Founded in August 2017, the Blockchain in Transport Alliance (BiTA) is a forum for promotion, education, and encouragement to develop and adopt blockchain applications in the trucking, transportation, and logistics industry. BiTA's goal is for members to participate, discuss, create, and adopt industry standard uses of blockchain applications and to provide clarity and direction for the development of blockchain technology in the trucking industry in a manner that will create efficiency, transparency, and foster trust. BiTA standards are intended to create a common framework to help organizations develop and adopt blockchain technology. For more information, visit www.bita.studio.
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Source: Cass Information Systems, Inc.