Western Alliance Bank Partners with Tassat to Deliver Blockchain-Based Payments Network to Business Clients
December 02 2021 - 6:56PM
Business Wire
-Top-Performing Western Alliance Bank to Use
TassatPay® Platform in Growing Digital Payments Market-
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.
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the full release here:
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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.”
About Tassat
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20211202006025/en/
WESTERN ALLIANCE BANK MEDIA CONTACT: Robyn Young Chief Marketing
Officer (602) 346-7352 ryoung@westernalliancebank.com
WESTERN ALLIANCE BANK INVESTOR CONTACT: Dale Gibbons Chief
Financial Officer (602) 952-5476
TASSAT GROUP, INC. CONTACT: Loretta Healy The Hubbell Group,
Inc. (781) 718-1117 lhealy@hubbellgroup.com
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