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.”