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Signature Bank (SBNY) Launches a Digital Payment Platform

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Signature Bank (SBNY - Free Report) has launched a blockchain-based digital payment platform, Signet, in integration with Fireblocks, an enterprise-grade platform, delivering a secure infrastructure for moving, storing and issuing digital assets. The platform was introduced in January 2019.

The lender has worked toward its development by bolstering the power and capabilities of the platform. With the addition of Application Program Interface (“API”), the platform facilitates instant settlements.

Also, the updated version enables clients and developers to directly integrate their proprietary systems with the Signet platform to access full transactional capabilities. The platform will be operational every day and API will ensure the transactional security of the Signet platform.

The introduction of Signet APIs increases Signature Bank clients’ abilities to immediately settle their transactions securely. It also enhances their capabilities while transacting with Signet.

Integration with Fireblocks will provide clients with greater capital efficiency and security during fiat and cryptocurrency settlements, and payments. Notably, Signature Bank clients can immediately use Signet to initiate transactions on the Fireblocks Network via console and API connectivity.

Joseph DePaolo, president and chief executive officer at Signature Bank, said, "With this latest banking technology innovation, Signature Bank remains at the forefront as we advance our Signet product and its capabilities.”

He further added, “As the digital needs of our clients continue to evolve and the broader adoption of asset tokenization increases, Signet APIs are yet another example of how we continuously strive to help our clients deliver better business performance and improve their operations,".

In June, Tokyo-based, Nomura Holdings (NMR - Free Report) launched a digital assets custodian — Komainu — in partnership with the digital asset security company Ledger and pioneer digital asset investment house CoinShares. Komainu is the first hybrid custodian for institutional investors. It provides a single application-based solution to institutions, allowing multi-asset support benefits, regulatory compliance and insurance.

Over the past six months, shares of Signature Bank, which currently has a Zacks Rank #3 (Hold), have declined 25.7% compared with a 34.4% fall of the industry.


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