NEW YORK--(BUSINESS WIRE)--trueDigital Holdings, LLC, a New York-based global financial technology company, announced today the unveiling and launch of a new digital payments platform, designed to enable real-time payments for commercial and asset management clients. trueDigital partnered with Signature Bank (NASDAQ:SBNY), a New York-based full-service commercial bank, on the launch of Signet™.
The Signet Platform will leverage blockchain technology in its architecture, allowing commercial and asset management clients to make payments in U.S. dollars 24 hours a day, 365 days a year. Transactions made on the Signet Platform will settle in real time, are safe and secure and incur no transaction fees. Signet will allow funds to be transferred in real-time between commercial clients of Signature Bank, eliminating any dependence on a third party.
The Signet Platform has been approved for use by the New York State Department of Financial Services. Deposits held within the Signet platform are eligible for FDIC insurance up to the legal insurable amounts defined by the FDIC.
The new platform can be used to make payments across a wide variety of industries initially focusing on ecosystems such as power, shipping, real estate, auto and digital assets where costs, delays, operational risks and counter-party risks are significant and have remained unaddressed until now.
“The partnership between trueDigital and Signature Bank will quickly prove to be extremely beneficial and revolutionary for clients globally as they will now be afforded the opportunity to make instantaneous USD payments to one another in real-time at no cost per transaction. There are many commercial enterprises and transactions that benefit from real-time payments capabilities, such as the wholesale energy distribution market and over-the-counter institutional trade and settlement activities, just to name a few,” said Sunil Hirani, Founder of trueDigital.
“The ability to transmit funds between approved, fully vetted institutional clients at all times is very valuable, in light of the increasing speed and frequency at which they conduct their business. We believe the new Signet program will further differentiate both Signature Bank and trueDigital and equip our clients with the necessary tools for the future,” said Joseph J. DePaolo, President and Chief Executive Officer at Signature Bank and Scott A. Shay, Chairman of the Board.
Kevin Lupowitz, Chief Operating Officer of trueDigital, noted: “We are pleased to partner with Signature Bank. The launch of Signet will address an obvious need that diverse ecosystems have in terms of needing to exchange funds repeatedly with the same counterparty. This will significantly reduce costs, operational and counterparty risks and settlement times.”
trueDigital will continue to expand its own payments platform by adding additional currencies and paired transactions in currencies from the Americas, Europe and Asia.
Signature Bank is regulated by both the Federal Deposit Insurance Corporation and the New York State Department of Financial Services.
trueDigital Holdings, LLC, a New York-based global financial technology company, provides innovative solutions to financial markets utilizing blockchain-based technologies to enable frictionless asset transfer and settlement. trueDigital deploys a private blockchain and smart contracts to govern the tokens and lay the groundwork for the future. trueDigital has also created the first-of-its-kind margined deliverable swap contracts on Bitcoin as well as the first institutional OTC-based digital asset reference rates. For additional information, please visit www.truedgtl.com or connect with the Company on Facebook, Twitter or LinkedIn.