The busy people at New York’s Department of Financial Services  (NYDFS) have approved state-chartered Signature Bank’s blockchain-based digital platform.

According to the NYDFS press release, the platform, called Signet, uses blockchain technology to allow the bank’s commercial clients to “make payments with no transaction fees, at any time of the day, year-round.”

The bank is now required to maintain “robust policies and procedures to address risks and ensure compliance with New York’s strong standards and regulations regarding anti-money laundering, anti-fraud and consumer protection measures,” the regulators said.

According to the press release, Signature Bank, with $45.9 billion in assets, is a “full-service commercial bank with 30 private client offices throughout the New York [City] metropolitan area.”

ThirtyK Staff
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