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Signature Bank Adds Fedwire Feature to Its Signet™ Digital Payments Platform, Allowing Instant Transfers Through Its Application Programming Interface
Rhea-AI Impact
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Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Signature Bank (SBNY) has introduced a new feature enabling real-time Fedwire transactions through its blockchain-based payment platform, Signet. This integration allows clients to execute blockchain and traditional payments via a single API, enhancing automation in treasury management. The new capability is expected to improve financial control and operational efficiency for users. CEO Joseph J. DePaolo noted that this extension of the payment system is aligned with client demand for streamlined payment solutions, potentially driving further adoption and increasing transaction volumes.
Positive
Launch of Fedwire transactions through Signet enhances payment integration and flexibility.
API connectivity improves clients' operational efficiencies and financial controls.
Increased demand for Signet's services, potentially driving growth in transaction volumes.
Negative
None.
New Payment Rail Takes Signet One Step Closer to Becoming a Fully Integrated Payments Platform
NEW YORK--(BUSINESS WIRE)--
Signature Bank (Nasdaq: SBNY), a New York-based, full-service commercial bank, announced today 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.
“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.
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.”
About Signature Bank
Signature Bank (Nasdaq: SBNY), member FDIC, is a New York-based, full-service commercial bank with 38 private client offices throughout the metropolitan New York area, as well as those in Connecticut, California and North Carolina. Through its single-point-of-contact approach, the Bank’s private client banking teams primarily serve the needs of privately owned businesses, their owners and senior managers.
The Bank has two wholly owned subsidiaries: Signature Financial, LLC, provides equipment finance and leasing; and, Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member FINRA/SIPC, offers investment, brokerage, asset management and insurance products and services.
Since commencing operations in May 2001, Signature Bank reached $118.45 billion in assets as of December 31, 2021. With $106.13 billion in deposits at year-end 2021, Signature Bank placed 19th on S&P Global’s list of the largest banks in the U.S., based on deposits.
Signature Bank was the first FDIC-insured bank to launch a blockchain-based digital payments platform. Signet™ allows commercial clients to make real-time payments in U.S. dollars, 24/7/365 and was also the first solution to be approved for use by the NYS Department of Financial Services.
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. 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 expectations regarding 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, business strategy and the impact of the COVID-19 pandemic on each of the foregoing and on our business overall. Forward-looking statements often include words such as “may,”“believe,”“expect,”“anticipate,”“intend,” “potential,” “opportunity,” “could,” “project,” “seek,” “target,” “goal”, “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, (vi) our ability to maintain the continuity, integrity, security and safety of our operations and (vii) competition for qualified personnel and desirable office locations. All of these factors are subject to additional uncertainty in the context of the COVID-19 pandemic, which is having an unprecedented impact on all aspects of our operations, the financial services industry and the economy as a whole. Additional risks are described in our quarterly and annual reports filed with the FDIC. 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. 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.
Investor Contact:
Brian Wyremski, Senior Vice President and Director of Investor Relations & Corporate Development
646-822-1479, bwyremski@signatureny.com
What is Signature Bank's new payment feature introduced in 2023?
Signature Bank has launched a feature allowing clients to initiate real-time Fedwire transactions through its blockchain-based platform, Signet.
How does the Fedwire feature benefit Signet clients?
The Fedwire feature allows clients to execute both blockchain and traditional payments via a single API, enhancing flexibility and automation in treasury management.
What does the introduction of the Fedwire feature mean for Signature Bank's growth?
The new Fedwire feature is expected to drive further adoption and increase transaction volumes for Signature Bank.
When was the Fedwire transaction feature added to Signet?
The Fedwire feature was announced in a press release dated April 12, 2023.
What is the significance of Signet in the payments industry?
Signet is noteworthy as the first blockchain-based digital payments platform approved for use by the NYS Department of Financial Services, allowing 24/7 real-time payments.
