PHOENIX AND NEW YORK – (COMMERCIAL THREAD) – Western Alliance Bank, the principal $ 50 billion subsidiary of Western Alliance Bancorporation (NYSE: WAL), and Tassat Group Inc., today announced that the bank will implement a fully integrated digital banking platform for its customers, which will include a digital token powered by the TassatPay network and a private Ethereum blockchain.
This platform will allow Western Alliance Bank customers to make instant payments – 24 hours a day, 365 days a year – to other Western Alliance Bank customers registered with TassatPay. This growing alternative to digital payments offers customers a new way to manage payments that offers immediate settlement and a range of other benefits, from simplicity to increased security.
“Western Alliance believes there will be an increasing demand for instant digital payments among our customers and others as this technology continues to mature,” said Kenneth A. Vecchione, President and CEO of Western Alliance Bank . “As we prepare to launch this capability over the coming months, we will also continue to develop advanced cash management solutions. We anticipate that blockchain-based digital payments and related services will be important new offerings for our business. ”
Western Alliance Bank expects to be one of the larger institutions using the TassatPay platform.
TassatPay will allow the bank’s customers to make digital payments in real time by tokenization of their deposits in US dollars. The platform also provides the infrastructure for executing smart contracts, processing transactions in multiple digital currencies, and enhanced data capabilities.
“We are delighted that Western Alliance Bank is giving its customers access to the TassatPay platform,” said Ron Totaro, CEO of Tassat. “TassatPay provides businesses with secure and reliable real-time settlement for B2B transactions, which will be increasingly important to the wide range of Western Alliance customers, including mortgage-related businesses, lawyers and customers in the bank’s technology and innovation sector. ”
Tassat Group Inc. is a New York-based fintech company that provides blockchain-based technology solutions for digital payments. It delivered the first blockchain-based B2B digital payment platform that has been endorsed by major banking regulators and has processed billions of dollars to date. The TassatPay platform provides the infrastructure for banks to use their own digital tokens backed by bank deposits. Tassat recently received a 2021 Google Cloud Customer Award for Financial Services Innovation. For more information, please visit tassat.com or connect with the company on Twitter or LinkedIn.
About Western Alliance Bank
With more than $ 50 billion in assets, Western Alliance Bancorporation (NYSE: WAL) is one of the top performing banking companies in the country. The company is once again No. 1 of the 50 largest US public banks in the new S&P Global Market Intelligence list for 2020 and tops the Forbes list of “America’s best banks” year after year. Its principal affiliate, Western Alliance Bank, a member of the FDIC, helps corporate clients achieve their ambitions with teams of experienced bankers who provide superior service and a full range of personalized loan, deposit and cash management capabilities. Corporate clients also benefit from a powerful suite of specialized financial services that offer solid expertise and tailor-made solutions for a wide variety of industries and sectors. More recently, the bank strengthened these capabilities with the acquisition of AmeriHome Mortgage, one of the leading national business-to-business mortgage platforms. Serving clients across the country, wherever business takes place, Western Alliance Bank operates individual full-service banking brands and has offices in key markets nationwide. For more information, visit westernalliancebank.com.
Caution regarding forward-looking statements
This press release contains forward-looking statements relating to future expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters which are not historical facts, including with regard to the benefits of the relationship between Western Alliance and Tassat. These forward-looking statements are based on current beliefs and expectations and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of Western Alliance and Tassat, including acceptance and utility. continuous blockchain technologies, currencies and tokens, and any regulatory or other government actions in this regard. Accordingly, actual results may differ materially from the anticipated results discussed in these forward-looking statements due to possible uncertainties. Any forward-looking statement made in this press release is based solely on information currently available to us and speaks only as of the date on which it is made. Western Alliance and Tassat do not intend to have and disclaim any obligation or obligation to update or revise any forward-looking statements set forth in this press release to reflect new information, future events or otherwise.