Back to top

Signature Bank (SBNY) Rolls Out Online Payments Platform

Read MoreHide Full Article

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.

 



Stocks to Consider

Greenhill & Co., Inc. (GHL - Free Report) has been witnessing upward estimate revisions for the past 60 days. Moreover, this Zacks #1 Ranked stock has rallied more than 19% year to date.

TD Ameritrade Holding Corporation (AMTD - Free Report) has been witnessing upward estimate revisions for the past 60 days. In addition, the company’s shares have gained 1.2% year to date. At present, it carries a Zacks Rank of 2 (Buy).

BancFirst Corporation (BANF - Free Report) has been witnessing upward estimate revisions for the past 60 days. Additionally, the stock has jumped around 2.9% year to date. It currently holds a Zacks Rank #2.

Looking for Stocks with Skyrocketing Upside?

Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.

Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.

See the pot trades we're targeting>>



More from Zacks Analyst Blog

You May Like