• Fri, 19 Apr 2019, 12:17 PM
  • All times are UTC
  • Edition:
    International
Link copied

NYDFS approves Signature Bank’s blockchain-based payments platform ‘Signet’

Photo: yelp.com

Wed, 05 Dec 2018, 07:27 am UTC

The New York Department of Financial Services (DFS) has authorized Signature Bank, a New York-based full-service commercial bank, to offer a new digital payment platform named Signet.

Officially unveiled on December 04, Signet has been designed to enable real-time payments for the bank’s commercial clients. The platform will leverage blockchain technology in its architecture, allowing the bank’s commercial clients to make payments in U.S. dollars 24 hours a day, seven days a week, 365 days a year.

In its official release, Signature Bank explained:

“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.”

DFS said that its approval of thee Signet platform includes required conditions to ensure that the bank maintains robust policies and procedures to address risks and ensure compliance with New York’s strong standards and regulations regarding anti-money laundering, anti-fraud, and consumer protection measures.

“New York continues to support and help advance innovation through sound state regulation and with products such as Signet, which provide lower-cost ways for businesses to efficiently make payments,” said Department of Financial Services Superintendent Maria T. Vullo.

Deposits held within the Signet platform are eligible for FDIC insurance up to the legal insurable amounts defined by the FDIC. The Signet Platform will be open to all commercial clients effective January 1, 2019, and can be accessed then at www.signet.com.

“It is gratifying to have the support of Superintendent Vullo and the Department of Financial Services. Through regulated innovation, we were able to turn our vision into a reality. It is clear the Superintendent and Department of Financial Services have thoroughly researched the financial technology arena and understand how it impacts the future of financial services,” said Joseph J. DePaolo, president and chief executive officer at Signature Bank.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $5,278.24 (+0.21%)
  • Ethereum (ETH) $173.58 (+1.14%)
  • XRP (XRP) $0.331700 (-1.60%)
  • Bitcoin Cash (BCH) $299.68 (-2.57%)
  • Litecoin (LTC) $81.88 (+1.83%)
  • Bitcoin (BTC) $5,278.24 (+0.21%)
Apr 19, 2019 (Friday)
10:41
RBI’s regulatory sandbox allows testing blockchain applications but not cryptocurrencies and ICOs
09:34
Volkswagen joins IBM-led blockchain initiative for provenance of cobalt
07:28
Samsung invests in keyless crypto wallet “ZenGo”
06:23
ICE mulls seeking BitLicense amid regulatory resistance from CFTC for Bakkt: Report
05:26
Binance announces mainnet launch of blockchain platform ‘Binance Chain’
04:16
Blockchain-focused VC fund “Proof of Capital” launches in US with $50M funding
03:36
Huobi OTC enables credit card deposit service via Simplex partnership
Apr 18, 2019 (Thursday)
11:52
Monex Group considers adding cryptocurrencies amid growing competition
10:58
Japan’s FSA to introduce new rules for crypto exchanges’ cold wallets: Report
09:38
Wirecard, Telegram’s TON partner to develop digital financial services and banking platform
09:10
E-Commerce giant Rakuten opens registrations for its cryptocurrency exchange
07:46
Enterprise Ethereum Alliance launches initiative to apply standards to tokenization
06:12
Crypto exchange Coinbase expands crypto-to-crypto support to 11 new countries
05:38
Crypto exchange Gemini adds full support for SegWit
04:11
Israeli shipping giant ZIM joins IBM Maersk blockchain shipping solution “TradeLens”
03:28
Ashton Kutcher’s Thorn looks to blockchain technology to eliminate child sexual abuse content from internet
Apr 17, 2019 (Wednesday)
11:45
Trading Technologies launches connectivity to bitcoin derivatives platform BitMEX
10:47
US SEC and FINRA to discuss digital assets and cybersecurity at National Compliance Outreach Program for Broker-Dealers
09:56
Blockchain smartphone maker Sirin Labs lays off 25% of staff
09:01
USDT launches on TRON Blockchain
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft