New York regulators have approved an ambitious new blockchain system…
In a notable step forward for blockchain technology and the banking industry, a bank in New York has been given approval to commence its new digital payments system. Nothing new there. The twist here though is that it’s a system based on blockchain technology, that’s able to process payments in real-time.
Signature Bank is the company in question, and as per an official announcement from New York State’s Department of Financial Services, it’s now able to offer its Signet payment system. In the words of New York state’s Maria T Vulio, “New York continues to support and help advance innovation through sound state regulation and with products such as Signet, which provide lower-cost ways for businesses to efficiently make payments”.
Signature Bank is understandably rather pleased, with its president and chief executive officer, Joseph J D Paolo, saying that “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”.
Signature, as you might expect, has had to jump through a few hoops to get this far, and those are detailed in the official announcement, that you can find here.
As for its clients, if they want to take advantage of the new SigNet payment service, they’ll need a minimum balance of $250,000 in their accounts to do so. Assuming they meet that criteria, the service will be up and running at the start of January.