Western Alliance Bank teams with Tassat for blockchain-based payments

Western Alliance Bank teams with Tassat for blockchain-based payments

Western Alliance Bank, the primary subsidiary of American banking firm Western Alliance Bancorporation, has announced a partnership with the fintech company Tassat Group Inc., to implement a fully integrated digital banking platform featuring a TassatPay Network powered digital token and a private Ethereum blockchain.

With the platform, customers at Western Alliance Bank will be able to make instant payments, at any hour of the day throughout the year, to other Western Alliance Bank clients that are enrolled with TassatPay.

With the rise in digital payment alternatives, customers will be offered a new way to make payments while offering immediate settlement as well as other advantages, ranging from simple interface to added security.

Kenneth A. Vecchione, President and CEO of Western Alliance Bank, has stated that as the bank will be launching the blockchain-based banking platform in the next few months, it will also work upon creating advanced treasury management solutions.

Mr. Vecchione adds that the bank believes the demand for instant digital payment methods will continue growing among its clients as well as in others, as the technology continues growing, and that blockchain-based solutions and services will act as important new offerings for their business.

It is expected that Western Alliance Bank will become one of the largest institutions that utilize the TassatPay platform.

Clients at the bank will be allowed to make real-time digital payments with TassatPay where they can tokenize their U.S. dollar deposits.

TassatPay will also provide infrastructure to execute smart contracts, process transactions in multiple digital currencies while also enhancing data capabilities.

Tassat CEO, Ron Totaro said that their firm is elated with Western Alliance Bank giving its clients access to their payments platform.

He added that TassatPay’s services, which include providing a secure and reliable real-time settlement for B2B transactions, will prove to be an important aspect for the bank’s various customers such as mortgage industry-related businesses, attorneys or those in the tech & innovation sector.

Source Credit: https://www.gurufocus.com/news/1588028/western-alliance-bank-partners-with-tassat-to-deliver-blockchainbased-payments-network-to-business-clients