New Payment Rail Takes Signet One Step Closer to Becoming a Fully Integrated Payments Platform
Signature Bank, a New York-based, full-service commercial bank, announced the addition of a new feature allowing its clients to initiate real-time Fedwire transactions through its blockchain-based digital payments platform, Signet™, directly through its Application Programming Interface (API). The addition of this Fedwire feature enables Signet clients to execute both Signet blockchain and traditional Fedwire payments through one API, providing clients with greater flexibility in automating treasury management workflows via Signature Bank’s integrated payments service.
The Signet API connectivity enables clients to directly integrate Signet’s instantaneous payments within their systems and workflows to access full transactional capabilities. The API integration affords Signet clients the ability to increase their level of financial controls and operational efficiencies in the form of speed and security when integrating the Bank’s digital payments platform directly into their products and services. The API advancements have been revolutionary for Signet users, and Signet continues to attract an increasing number of clients, deposits and ecosystems.
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“Our Signet API clients continue to demand fast, secure funds transfers and seek to streamline their payments technology stack across a range of digital payment rails as well as legacy payment options. Adding the Fedwire API feature to Signet’s real-time settlement network extends its payment reach, resulting in a complete U.S. dollar payments platform. We continue to closely listen to our clients and directly respond to meet their ever-changing, evolving needs for further enhancing their business operations. We believe this new API Fedwire feature will drive additional adoption and grow Signet volumes. Since our launch of Signet, the Bank has been at the forefront of financial technology, and we will continue to find ways to enhance the technology offerings we bring to our clients,” explained Joseph J. DePaolo, Co-Founder, President and Chief Executive Officer at Signature Bank.
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FTX.US, a U.S.-regulated cryptocurrency exchange, is among those benefitting from Signet. FTX CEO and Founder Sam Bankman-Fried commented on the Bank’s new Fedwire transfer feature: “Partnering with Signature Bank, an established financial institution and fintech pioneer, will allow us to continue to grow our business by leveraging all the advantages and key aspects of Signet. The implementation of an API-enabled, blockchain-based digital payments platform to initiate blockchain transactions and Fedwire transactions via Signet is just the latest move toward revolutionizing the payments industry through the power of blockchain technology.”
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