Western Alliance Bank has completed its buy of Digital Settlement Technologies, DBA Digital Disbursements, the digital payments platform for the class action legal industry, a press release says.
Digital Disbursements, rolled out in 2019, facilitates the seamless integration of a customizable pay menu with various settlement claim forms or payment selection websites.
The buy will let Western Alliance advance as a digital payment platform for the industry.
Digital Disbursements was created to help add new options for digital payments in class actions and other such payments. The platform lets claimants choose how to receive their payments. There are several options including direct-to-bank account or digital wallets.
“The acquisition of Digital Disbursements is the latest investment by Western Alliance that furthers our commitment to providing differentiated technology solutions that address the evolving needs of our clients,” said Kenneth A. Vecchione, president, and CEO of Western Alliance Bank. “We look forward to partnering with the Digital Disbursements team, with whom we have built a close working relationship. This acquisition will allow us to explore new capabilities and continue to deepen our expanding suite of legal banking services while serving adjacent sectors that will benefit from digital payments technology.”
Last year, Bora Payment Systems, which works in B2B payments, debuted a new way for Western Alliance Bank’s Visa Commercial Card clients to make vendor payments, PYMNTS wrote.
Bora owns and runs the Payer Direct Hub, which makes use of credit card networks to push payments to suppliers.
The report says the system is able to either process single payments or take a batch file from AP software. Michelle Lance, senior VP, head of product management, with Western Alliance Bank, said the bank’s customers will see benefits with flexibility for vendor payments now.
She said the system satisfied a need for that without having to be connected with her own company’s ERP system.