Signature Bank Launches New Digital Payments Technology Platform—Signet
Shine Li Jun 24, 2020 09:10
In a press release disclosed with Blockchain.news, New York-based Signature Bank announces that it is planning to launch Signet, its digital payments platform, on the Fireblocks network.
In a press release disclosed with Blockchain.News, New York-based Signature Bank announces that it is planning to launch Signet, its digital payments platform, on the Fireblocks network.
What is Signet?
Signet is the first platform of its kind to be approved for use by the New York State Department of Financial Services, and it enables instantaneous payments among Signature Bank clients through Fireblocks’ network. In a press release shared with Blockchain.News, Signature Bank CEO Joseph DePaolo advocates Signet’s advantages:
“The integration with Fireblocks will offer enhanced services to our clients. […]As the digital needs of our clients continue to evolve and the broader adoption of asset tokenization increases, Signet APIs are yet another example of how we continuously strive to help our clients deliver better business performance and improve their operations.”
With Signet, commercial clients of Signature Bank can make real-time payments for free. By making the full functionality of the Signet Platform available within the Fireblocks Network, commercial clients of Signature Bank are now able to initiate transactions through the Fireblocks Network console and API.
The Signet Platform uses blockchain technology, and this allows US dollar payments to go through 24 hours a day, 7 days a week, 365 days a year. These transactions are safe and secure, with no transaction fees. Signature Bank and Fireblocks are revolutionizing the financial world by encouraging digital transactions, all the while making sure that the speed and security of digital asset transfers are protected.
With Signet, one can trade cryptocurrencies and fiat money, something that is quite innovative in the banking industry.
Signature Bank is not the only one of its kind to adopt blockchain technology. The commercial bank’s counterpart, JP Morgan, also uses this network to facilitate crypto exchanges from Coinbase and Gemini.
Moving towards new tech innovations
Signature Bank and Fireblocks are slowly but surely revolutionizing the financial world by encouraging digital transactions, all the while making sure that the speed and security of digital asset transfers are protected.
Leading by example
Perhaps with time, other traditional banking institutions will also adopt a personalized digital payments platform. But for now, Signature Bank leads the way in introducing a real-time platform for cryptocurrency and fiat money transfers.
Image source: Shutterstock
