New York-based Signature Bank is launching a digital payments platform built on a blockchain architecture to streamline real-time payments.
Announced Tuesday, the Signet platform will allow the bank's customers to conduct payments at any time of the day, beginning Jan. 1, 2019.
Signature Bank claims that all transactions made will be secure, require no transaction fees and avoid third-parties, meaning funds will be sent directly from one client to another.
The platform is being built in conjunction with trueDigital Holdings LLC, another New York-based firm focused on building exchange and settlement technology using a blockchain infrastructure.
Signature has just received approval from the New York State Department of Financial Services to offer services within the state.
Further, the Federal Deposit Insurance Corporation has approved Signet deposits to receive insurance, "Up to the legal insurable amounts."
In a statement, Signature president and CEO Joseph DePaolo said it was "Gratifying" to receive approval from NYDFS, saying that regulated innovation helped the bank build up its platform.
"The ability to transmit funds between approved, fully vetted commercial clients of the Bank at all times is very valuable, especially in light of the increasing speed and frequency at which they conduct their business. As we have been stating, Signature Bank has made a commitment to invest in its technology infrastructure, and the Signet Platform is indicative of this investment along with the implementation of new systems for loan operations, credit approvals and foreign exchange."
Scott Shay, chairman of Signature Bank's board, explained that a number of industries benefit from real-time transactions, including energy distribution and over-the-counter trading desks.
"Signet puts Signature Bank on the cutting edge of commercial digital payments," he added.
Signature Bank Wins New York Approval for 'Real-Time' Blockchain Payments
에 게시 됨 Dec 4, 2018
by Coindesk | 에 게시 됨 Coinage
Coinage
최근 뉴스
모두보기
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.