Signature Bank gets NYDFS greenlight for blockchain-based payments system

Signature Bank gets NYDFS greenlight for blockchain-based payments system

New York-based Signature Bank has received regulatory approval to launch an ethereum blockchain-based digital payments platform for commercial clients.

Signature has teamed up with blockchain outfit trueDigital on the proprietary Signet platform, which lets commercial clients make payments in US dollars 24 hours a day, seven days a week, 365 days a year.

The platform will offer users the chance to transfer 'Signets' to make payments with no transaction fees in real-time, eliminating any dependence on a third party.

Launching on 1 January, the system will be open to any Signature Bank commercial clients with a minimum account balance of $250,000. Deposits held within the Signet platform are eligible for FDIC insurance.

Signet has been approved by the New York Department of Financial services, which says that the ability to transmit funds at all times is an "innovation".

Joseph DePaolo, CEO, Signature, says: "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."

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