Western Alliance Acquires Payments Platform Digital Disbursements

US-based Western Alliance bank has completed the acquisition of payments platform Digital Disbursements to offer customisable pay menus into settlement claim forms.

Digital Disbursements provides Western Alliance with the internal capability to increase efficacy and reduce distribution costs. A broad menu of digital payment options also addresses the needs of unbanked class members who are often required to pay high fees for check-cashing services, which has been an issue in settlement fund distribution, according to businesswire.com.

The acquired company also implements machine learning, risk management infrastructure, and digital fingerprint analysis to help administrators detect potential fraud. Digital Disbursements officials stated that with more than 80% of recipients now preferring digital payment option, its platform played a role in the adoption of digital payment distribution for class action settlements.

This acquisition will allow the bank to explore new capabilities and continue to expand its suite of legal banking services while serving adjacent sectors that will benefit from digital payments technology. Post-closing, Digital Disbursements will operate as a wholly owned subsidiary of Western Alliance Bank.

Source: thepaypers.com