PHOENIX & NEW YORK--(BUSINESS WIRE)--Western Alliance Bank, the primary subsidiary of $50 billion Western Alliance Bancorporation (NYSE: WAL), and Tassat Group Inc., today announced 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 enable Western Alliance Bank clients to make instant payments – 24 hours a day, 365 days a year – to other Western Alliance Bank customers enrolled in TassatPay. This growing digital payments alternative provides a new way for clients to handle payments that offers immediate settlement and a range of other benefits, from simplicity to added security.
“Western Alliance believes there will be growing demand for instantaneous digital payments among our clients and others as this technology continues to mature,” said Kenneth A. Vecchione, President and CEO, Western Alliance Bank. “As we get set to launch this capability over the next few months, we will also continue to build out advanced treasury management solutions. We envision blockchain-based digital payments and related services will be important new offerings for our business.”
Western Alliance Bank expects to be one of the largest institutions utilizing the TassatPay platform.
TassatPay will allow the bank’s clients to make real-time digital payments via tokenizing their U.S. dollar deposits. The platform also provides the infrastructure for executing smart contracts, processing transactions in multiple digital currencies and enhanced data capabilities.
“We’re pleased that Western Alliance Bank is giving its clients access to the TassatPay platform,” said Ron Totaro, CEO of Tassat. “TassatPay offers companies secure and reliable real-time settlement for B2B transactions, which will be increasingly important to the wide range of Western Alliance customers including mortgage industry-related businesses, attorneys and the bank’s tech and innovation sector clients.”
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 payments platform that was vetted by major bank regulators, and has transacted billions of dollars to date. The TassatPay platform provides the infrastructure for banks to use their own digital tokens backed by bank deposits. Tassat was recently honored with a 2021 Google Cloud Customer Award for innovation in financial services. For additional 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 country’s top-performing banking companies. The company is again #1 best-performing of the 50 largest public U.S. banks in the new S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes “Best Banks in America” list year after year. Its primary subsidiary, Western Alliance Bank, Member FDIC, helps business clients realize their ambitions with teams of experienced bankers who deliver superior service and a full spectrum of customized loan, deposit and treasury management capabilities. Business clients also benefit from a powerful array of specialized financial services that provide strong expertise and tailored solutions for a wide variety of industries and sectors. Most recently, the bank added to these capabilities with the acquisition of AmeriHome Mortgage, a leading national business-to-business mortgage platform. Serving clients across the country wherever business happens, Western Alliance Bank operates individual, full-service banking brands and has offices in key markets nationwide. For more information, visit westernalliancebank.com.
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts, including with respect to the benefits of the relationship between Western Alliance and Tassat. These forward-looking statements are based upon 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 continued acceptance and utility of blockchain-based technologies, currencies and tokens, and potential government regulatory or other actions with respect thereto. As a result, actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. Any forward-looking statement made in this release is based only 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 duty or obligation to update or revise any forward-looking statements set forth in this release to reflect new information, future events or otherwise.