In collaboration with New York-based trueDigital Holdings, LLC, Signature Bank (SBNY - Free Report) recently announced a plan to launch a fresh digital payments platform — Signet — which will provide the bank’s commercial clients with a digital platform to make real-time payments. Notably, the blockchain technology of trueDigital Holdings will be leveraged by the Signet platform in facilitating payments for its clients.
“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. We believe our new Signet program will further differentiate Signature Bank and arm our commercial clients with more of the types of tools and capabilities they need to successfully operate their businesses in our fast-changing, technology-based economy,” explained Joseph J. DePaolo, president and chief executive officer at Signature Bank.
The Signet Platform, which received the New York State Department of Financial Services’ approval, will help its customers in making payments all through the day in dollars from the beginning of 2019. Moreover, the new platform will not charge any transaction fees and demands minimum balance requirement of $250,000.
Notably, Signet facilitates transfer of funds in real-time between commercial clients of the bank, eliminating third-party dependence. Further, deposits held at the platform are entitled to FDIC insurance as permitted.
The rollout of the Signet Platform service is a commendable move by the bank to retain its digital savvy consumers as well as to bring in new ones. The bank’s strategy to expand its presence by investing in technology will bear fruits over the long term.
Currently, Signature Bank carries a Zack Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Shares of Signature Bank have declined 1.6% over the past three months against a decline of 10.1% recorded by the industry.
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