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Signature Bank Launches Digital Payments Platform for Commercial Clients

June 24, 2020, 09:00 AM
Filed Under: New Product

Signature Bank, a New York-based full-service commercial bank, announced the launch and integration of the full functionality of its proprietary, blockchain-based digital payments platform, Signet„¢, with Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets.

Signature Bank is the first bank to enable its commercial clients to access the Signet blockchain-based, real-time payments platform through the Fireblocks Network.

Recently, Signature Bank enhanced the power and capabilities of Signet, a tokenized representation of USD to facilitate instant settlement, with the addition of Application Program Interface (API). The new Signet APIs allow the Banks clients and developers to directly integrate their proprietary systems with the Signet platform to access full transactional capabilities. Signet APIs continue to enhance the real-time, 24/7/365 benefits and transactional security of the Signet platform. The introduction of Signet APIs increases Signature Banks clients abilities to immediately settle their transactions securely and enhances their capabilities when transacting with Signet.

This deep integration with Fireblocks affords Signature Bank clients greater capital efficiency and security during fiat and cryptocurrency settlements and payments. Effective immediately, Signature Bank clients can use Signet to initiate transactions on the Fireblocks Network via console and API connectivity.

The integration with Fireblocks will offer enhanced services to our clients. With this latest banking technology innovation, Signature Bank remains at the forefront as we advance our Signet product and its capabilities. 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, said Joseph DePaolo, President and Chief Executive Officer at Signature Bank.

Fireblocks and Signature Bank share the same core philosophy when it comes to ensuring the accessibility and security of customer assets 24/7/365. Naturally, Signature Bank is a vital partner for us as we continue to grow the Fireblocks Network, said Michael Shaulov, Chief Executive Officer of Fireblocks.

Introduced January 1, 2019, Signet, the first platform of its kind to be approved for use by the New York State Department of Financial Services, enables instantaneous payments among Signature Bank clients. Now, with Signet APIs, the Banks clients can immediately settle their transactions securely and enhance their capabilities when transacting with Signet.

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