Signature Bank Wins New York Approval for ‘Real-Time’ Blockchain Payments

New York-based Signature Bank is launching a digital payments platform built on a blockchain architecture to streamline real-time payments.

Announced Tuesday, the Signet platform will allow the bank’s customers to conduct payments at any time of the day, beginning Jan. 1, 2019. Signature Bank claims that all transactions made will be secure, require no transaction fees and avoid third-parties, meaning funds will be sent directly from one client to another.

There will, however, be a minimum account balance requirement of $250,000 for clients.

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