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According to Depaolo, co-founder and CEO of Signature Bank, the private application of the Ethereum blockchain is a boom. He added
If you are not involved in the blockchain, in five years, you will not be around like a bank. Asserting that, wAnd you must do it, otherwise we will not exist.
Signet develops to overcome the lack of a traditional platform
In contrast to the new payment method, the traditional payment method such as Interbank Swift and Automated Clearing House (ACH) would take place within three days and moreover. It will not be available on weekends. Considering this scenario, the Signature bank proposes a new blockchain-based payment platform for institutional investors in partnership with trueDigital Holdings in New York. Currently, the service is only available to internal customers and will soon be distributed to larger customers, the report revealed.
The marking platform will be introduced in the bank for its customers on 1 January 2019, at 12.01 ET. , Sunil Hirani, founder of TrueDigital and CEO, ensures that this new payment method will mitigate counterparty risk, costs and time needed to settle transactions. In addition, the launch will offer a free transaction but will probably have a minimum balance of $ 250,000.
First Blockchain platform with regulatory compliance
The reports also revealed that the token will not be integrated with other trading platforms. But it will only comply with the bank's proprietary signet platform. This platform has already carried a green signal from the New York State Department of Financial Services. This is the first bank to manage the blockchain platform while respecting the regulation of growth.
As for, Maria T. Vullo, Superintendent of the Department of Financial Services states that;
New York continues to support and help advance innovation through sound state regulation, developing this with products such as Signet, which offers companies less costly ways to make payments efficiently.
Summary
Item name
Signature Bank launches the new Ethereum Blockchain platform for institutional payments
Description
Sign the new blockchain payment platform powered by ethereum to mitigate counterparty risk, costs and time needed to settle transactions
Author
Qadir AK
Publisher name
Coinpedia
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