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Laxman Pai, Opalesque Asia:

The Department of Financial Services of New York (NYDFS) has authorized a blockchain-based digital platform offered by Signature Bank.

NYDFS' superintendent Maria Vullo announced the authorization of New York-based to offer a new digital payment platform named Signet.

According to a press communication from NYDFS, the approved system uses blockchain technology to allow the bank clients to "transfer 'Signets' to make payments with no transaction fees, at any time of the day, year-round."

Signature Bank is partnering with trueDigital Holdings, a New York-based blockchain-based infrastructure, exchange and settlement technology company, providing solutions for traditional and emerging financial markets.

The system allows funds "to be transferred in real-time between two commercial clients of Signature Bank, eliminating any dependence on a third party." Signet has been subject to a "comprehensive and rigorous review" and needs to comply with "significant regulatory conditions."

Platform will allow Bank's commercial clients to make payments in U.S. dollars 24 hours a day, seven days a week, 365 days a year, said a release from Signature Bank.

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, it said.

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