Partners with trueDigital Holdings, LLC to
Offer Real-Time, Secure Payments Platform for Commercial Clients;
Signet Approved by New York State Department of Financial
Services
Signature Bank (Nasdaq: SBNY), a New York-based full-service
commercial bank, announced today the unveiling of a new digital
payments platform, Signet™, designed to enable real-time payments
for its commercial clients. Signature Bank is partnering with
trueDigital Holdings, LLC, a New York-based blockchain-based
infrastructure, exchange and settlement technology company,
providing solutions for traditional and emerging financial
markets.
The Signet Platform will leverage blockchain technology in its
architecture, allowing Signature Bank’s commercial clients to make
payments in U.S. dollars 24 hours a day, seven days a week, 365
days a year. The Signet Platform will be open to all commercial
clients effective January 1, 2019 at 12:01 A.M. Eastern Time, and
can be accessed then at www.signet.com. Transactions made on the
Signet Platform settle in real time, are safe and secure, incur no
transaction fees, and require a minimum account balance of
$250,000. Typically, in the case of real-time payments, funds are
transferred between two different institutions. With Signet, funds
are 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 ability to transmit funds between approved, fully vetted
commercial clients of the Bank at all times is very valuable,
especially in light of the increasing speed and frequency at which
they conduct their business. As we have been stating, Signature
Bank has made a commitment to invest in its technology
infrastructure, and the Signet Platform is indicative of this
investment along with the implementation of new systems for loan
operations, credit approvals and foreign exchange. We believe our
new Signet program will further differentiate Signature Bank and
arm our commercial clients with more of the types of tools and
capabilities they need to successfully operate their businesses in
our fast-changing, technology-based economy,” explained Joseph J.
DePaolo, President and Chief Executive Officer at Signature
Bank.
“It is gratifying to have the support of Superintendent Vullo
and the Department of Financial Services. Through regulated
innovation, we were able to turn our vision into a reality. It is
clear the Superintendent and Department of Financial Services have
thoroughly researched the financial technology arena and understand
how it impacts the future of financial services. We look forward to
working closely with their team to continue to transform
digitally,” DePaolo concluded.
Scott A. Shay, Chairman of the Board, added: “Signet will
quickly prove to be extremely beneficial and revolutionary for our
commercial clients as they will now be afforded the opportunity to
make instantaneous USD payments to one another in real-time
(24x7x365) 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. Signet puts Signature Bank on the cutting edge
of commercial digital payments in an era when on-demand payments
are fast becoming the norm, not only amongst consumers but
businesses as well. This is an exciting time in financial services,
and we are pioneering a payments platform to better meet our
commercial clients’ evolving needs. We want to express our
appreciation for the alacrity the Department of the Financial
Services demonstrated in reviewing Signet.”
Sunil Hirani, Founder of trueDigital, noted: “We are pleased to
partner with Signature Bank. The launch of Signet will address an
obvious need that diverse ecosystems have for exchanging funds
repeatedly with the same counterparty. This will significantly
reduce costs, counterparty risk and settlement times.”
Signature Bank is regulated by both the Federal Deposit
Insurance Corporation and the New York State Department of
Financial Services.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service
commercial bank with 30 private client offices throughout the New
York metropolitan area, including those in Manhattan, Brooklyn,
Westchester, Long Island, Queens, the Bronx, Staten Island and
Connecticut. In 2018, the Bank expanded its footprint on the West
Coast with the opening of its first full-service private client
banking office in San Francisco. The Bank’s growing network of
private client banking teams serves the needs of privately owned
businesses, their owners and senior managers.
Signature Bank’s specialty finance subsidiary, Signature
Financial, LLC, provides equipment finance and leasing. Signature
Securities Group Corporation, a wholly owned Bank subsidiary, is a
licensed broker-dealer, investment adviser and member FINRA/SIPC,
offering investment, brokerage, asset management and insurance
products and services.
Since commencing operations in May 2001, the Bank has grown to
$45.87 billion in assets, $35.13 billion in loans, $36.09 billion
in deposits, $4.24 billion in equity capital and $3.66 billion in
other assets under management as of September 30, 2018. Signature
Bank's Tier 1 and risk-based capital ratios are significantly above
the levels required to be considered well capitalized.
Signature Bank is ranked the 40th largest bank in the U.S. from
nearly 6,000, based on deposits (SNL Financial). The Bank recently
earned several third-party recognitions, including: appeared on
Forbes' Best Banks in America list for the eighth consecutive year
in 2018; named Best Business Bank, Best Private Bank and Best
Attorney Escrow Services provider by the New York Law Journal in
the publication’s annual “Best of” survey for
2018, earning it a place in the New York Law Journal’s Hall
of Fame, awarded to companies that have ranked in the “Best of”
Survey for at least three of the past four years.
For more information, please visit www.signatureny.com.
This press release and oral statements made from time to time by
our representatives contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995
that are subject to risks and uncertainties. You should not place
undue reliance on those statements because they are subject to
numerous risks and uncertainties relating to our operations and
business environment, all of which are difficult to predict and may
be beyond our control. Forward-looking statements include
information concerning our future results, interest rates and the
interest rate environment, loan and deposit growth, loan
performance, operations, new private client teams and other hires,
new office openings and business strategy. These statements often
include words such as "may," "believe," "expect," "anticipate,"
"intend," “potential,” “opportunity,” “could,” “project,” “seek,”
“should,” “will,” “would,” "plan," "estimate" or other similar
expressions. As you consider forward-looking statements, you should
understand that these statements are not guarantees of performance
or results. They involve risks, uncertainties and assumptions that
could cause actual results to differ materially from those in the
forward-looking statements and can change as a result of many
possible events or factors, not all of which are known to us or in
our control. These factors include but are not limited to: (i)
prevailing economic conditions; (ii) changes in interest rates,
loan demand, real estate values and competition, any of which can
materially affect origination levels and gain on sale results in
our business, as well as other aspects of our financial
performance, including earnings on interest-bearing assets; (iii)
the level of defaults, losses and prepayments on loans made by us,
whether held in portfolio or sold in the whole loan secondary
markets, which can materially affect charge-off levels and required
credit loss reserve levels; (iv) changes in monetary and fiscal
policies of the U.S. Government, including policies of the U.S.
Treasury and the Board of Governors of the Federal Reserve System;
(v) changes in the banking and other financial services regulatory
environment and (vi) competition for qualified personnel and
desirable office locations. Although we believe that these
forward-looking statements are based on reasonable assumptions,
beliefs and expectations, if a change occurs or our beliefs,
assumptions and expectations were incorrect, our business,
financial condition, liquidity or results of operations may vary
materially from those expressed in our forward-looking statements.
Additional risks are described in our quarterly and annual reports
filed with the FDIC. You should keep in mind that any
forward-looking statements made by Signature Bank speak only as of
the date on which they were made. New risks and uncertainties come
up from time to time, and we cannot predict these events or how
they may affect the Bank. Signature Bank has no duty to, and does
not intend to, update or revise the forward-looking statements
after the date on which they are made. In light of these risks and
uncertainties, you should keep in mind that any forward-looking
statement made in this release or elsewhere might not reflect
actual results.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20181204005239/en/
Signature BankInvestor
Contact:Eric R. Howell, 646-822-1402Executive Vice President
– Corporate and Business
Developmentehowell@signatureny.comorMedia
Contact:Susan J. Lewis,
646-822-1825slewis@signatureny.com
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