New York Signature Bank launches payment blockchain platform for institutional clients

New York Signature Bank in partnership with fintech-company trueDigital Holdings LLC is launching a platform for digital payments in real time, based on blockchain technology. The launch of the platform called Signet became possible after obtaining the appropriate permission from the Financial Services Authority of New York (NYDFS).

The new platform will begin work on January 1, 2019 and is primarily aimed at large customers who can, with its help at any time of the day, including weekends and holidays, carry out direct secure transactions without commissions and intermediaries.

Sign up for our real-time payments platform in partnership with Signature Bank! https://t.co/TlCy1Oyml6

– trueDIGITAL (@trueDGTL) December 4, 2018

As stated on trueDigital Holdings, in addition to the NYDFS permission, Signet also received approval from the Federal Deposit Insurance Corporation (FDIC) for insuring deposits made to the platform. The minimum amount of the user's balance should not be less than $ 250,000.

“The ability to transfer funds at any time between approved and fully tested commercial customers is of great value, especially in light of the increasing speed and frequency of business, ” said Joseph DePaolo, President and CEO of Signature Bank, in a statement.

Recall that in November the company Chainalysis stated that over the period from December 2017 to September of the current year, the volume of transactions for bitcoin processing in the field of e-commerce decreased by about 80%.

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