Signature Bank Unveils Proprietary Digital Payments Platform
Signature Bank has announced the unveiling of a digital payments platform, Signet, which is designed to enable real-time payments for its commercial clients. Signature Bank is partnering with trueDigital Holdings, a New York-based blockchain-based infrastructure, exchange and settlement technology company, providing solutions for traditional and emerging financial markets.
The Signet platform will leverage blockchain technology in its architecture, allowing the bank’s commercial clients to make payments in US dollars 24 hours a day, seven days a week, 365 days a year. The platform will be open to all commercial clients from 1 January 2019. Signature Bank says that transactions made on the Signet Platform settle in real-time, are safe and secure, incur no transaction fees, and require a minimum account balance of $250,000.
Typically, in the case of real-time payments, funds are transferred between two different institutions. With Signet, funds are transferred in real-time between commercial clients of Signature Bank, eliminating any dependence on a third party. The platform has been approved for use by the New York State Department of Financial Services. Deposits held within the Signet Platform are eligible for FDIC insurance, up to the legal insurable amounts defined by the FDIC.