Signature Bank recieves New York approval for blockchain payments system

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New York-based Signature Bank has received regulatory approval from the New York State Department of Financial Services (NYDFS) to offer an ethereum blockchain-based digital payments platform for commercial clients.

Teaming up with blockchain outfit trueDigital, the Signet platform will allow the bank’s customers to conduct secure transactions at any time of the day without any transaction fee or third-party involvement.

Signature president and CEO Joseph DePaolo 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.

“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.”

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