RATE Group | Signature Bank Launches Ethereum-Based Payments Solution for Institutional Clients • Liv…
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Signature Bank Launches Ethereum-Based Payments Solution for Institutional Clients • Liv…

08 Dec Signature Bank Launches Ethereum-Based Payments Solution for Institutional Clients • Liv…

Posted at 01:02h in Ethereum News by

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The New York-based commercial bank has created a payments solution that is powered by a permissioned version of the Ethereum blockchain.

Signature Bank, a New York-based full-service commercial bank, has partnered with trueDigital Holdings, LLC, a New York-based global financial technology firm, to launch a new digital payments platform.

The new platform is dubbed “Signet” and will enable real-time payments for commercial and asset management clients of the bank.

The platform leverages a permissioned version of the Ethereum blockchain to allow institutional clients to make payments in U.S. dollars 24 hours a day, 7 days a week, 365 days a year.

Signature Bank generated $155.4 million in net income for the third quarter of 2018 and currently manages $45 billion in assets.

U.S. dollars

Issues with the Currently Used Systems

Currently, banks use the Swift interbank platform or the Automated Clearing House (ACH) network for cross-border transfers. These systems take around 3-4 working days to…

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