First Bank To Enable Commercial Clients’ Access to Signet’s Digital Payments Technology Platform Through Fireblocks
NEW YORK, June 23, 2020 – Signature Bank ( Nasdaq: SBNY ), a New York-based full-service commercial bank, announced today the launch and integration of the full functionality of its proprietary, blockchain-based digital payments platform, Signet™, with Fireblocks, an enterprise-grade platform delivering a secure infrastructure for moving, storing and issuing digital assets.Signature Bank is the first bank to enable commercial clients to access its blockchain-based, real time payments platform through the Fireblocks Network.
Recently, Signature Bank enhanced the power and capabilities of Signet, a tokenized representation of USD to facilitate instant settlement, with the addition of Application Program Interface (API). The new Signet APIs allow clients and developers to directly integrate their proprietary systems with the Signet platform to access full transactional capabilities. This affords Signet clients greater efficiency, speed and security when integrating the Bank’s digital payments platform directly into their products and services. Signet APIs continue to further enhance the real-time, 24/7/365 benefits and transactional security of the Signet platform. The introduction of Signet APIs further increases clients’ ability to immediately settle their transactions securely and enhances their capabilities when transacting with Signet.
This deep integration with Fireblocks affords institutions greater capital efficiency and security during fiat and cryptocurrency settlements and payments. Signature Bank clients can now use Signet to initiate transactions at the Bank via console and API connectivity directly to the Fireblocks Network. With their focuses on banking and secure asset transfer services, respectively, Signature Bank and Fireblocks bring an end to the era of insecure and inefficient digital and fiat asset operations. Whether it is a newly defined digital asset or a traditional asset redefined for the digital world, such as Signet, the combination of Signature Bank’s services with Fireblocks’ Network demonstrates that payments can be securely transacted in real time, any time.
“The integration with Fireblocks will offer enhanced services to our clients. With this latest banking technology innovation, Signature Bank remains at the forefront as we advance our Signet product and its capabilities. As the digital needs of our clients continue to evolve and the broader adoption of asset tokenization increases, Signet APIs are yet another example of how we continuously strive to help our clients deliver better business performance and improve their operations,” said Joseph DePaolo, President and Chief Executive Officer at Signature Bank.
“Through the Signet integration, we are bringing the ease of use, speed, and security of our Fireblocks Network to Signature Bank’s fiat settlement services clients. The real-time, 24/7/365 abilities of Signet make Signature Bank a vital partner in the expansion of our pioneering Fireblocks Network,” noted Michael Shaulov, Chief Executive Officer of Fireblocks.”
Introduced January 1, 2019, Signet, the first platform of its kind to be approved for use by the New York State Department of Financial Services, enables instantaneous payments among Signature Bank clients.
About Fireblocks
Fireblocks is an enterprise-grade platform delivering a secure infrastructure for moving, storing, and issuing digital assets. Fireblocks enables exchanges, custodians, banks, trading desks, and hedge funds to securely scale digital asset operations through the Fireblocks Network and MPC-based Wallet Infrastructure. They have secured the transfer of over $30 billion in digital assets and have a unique insurance policy that covers assets in storage & in transit. For more information, please visit www.fireblocks.com.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 31 private client offices throughout the New York metropolitan area and Connecticut as well as 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.
Signature Bank recently introduced its revolutionary, blockchain-based digital payments platform, Signet™, enabling real-time payments for its commercial clients. The Signet Platform allows the Bank’s commercial clients to make payments in U.S. dollars, 24/7/365, safely and securely, without transaction fees. Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform, and Signet is the first such platform to be approved for use by the NYS Department of Financial Services.
Since commencing operations in May 2001, the Bank has grown to $53.07 billion in assets, $41.0 billion in loans, $42.24 billion in deposits, $4.76 billion in equity capital and $3.39 billion in other assets under management as of March 31, 2020. Signature Bank’s Tier 1 and risk-based capital ratios are significantly above the levels required to be considered well capitalized.
Signature Bank is one of the top 40 largest banks in the U.S., based on deposits (S&P Global Market Intelligence). The Bank recently earned several third-party recognitions, including: appeared on Forbes’ Best Banks in America list for the 10th consecutive year in 2020; and, named number one in the Business Bank, Private Bank and Attorney Escrow Services categories by the New York Law Journal in the publication’s annual “Best of” survey for 2019, 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). The Bank also ranked second nationally in the Business Bank, Private Banking Services and Attorney Escrow Service categories of both the 2019 and 2020 National Law Journal’s “Best of” survey.
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, and new products, future dividends and share repurchases. 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.
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