New York-based Signature Bank has teamed up with technology-driven financial firm Prime Trust to offer real-time payments and settlement services to institutional clients.
Under the agreement, Prime Trust’s multi-asset settlement platform Prime Settlement Network will be linked to the bank’s blockchain payments platform Signet.
Prime Trust COO, chief technology officer and executive trust officer Whitney White said: “Signature Bank has established a proven track record in the blockchain payment space and is now recognised for the outstanding services it brings to digital asset traders and exchanges.
“We look forward to creating new efficiencies for our clients in conjunction with Signature Bank and the Signet team.”
The integration will enable the firms’ institutional clients to carry out digital asset trades in real-time.
Signature Bank president and CEO Joseph DePaolo said: “The relationship we have forged with Prime Trust will allow their clients to immediately settle their transactions through the revolutionary Signet platform. Any Signature Bank commercial client participating on the Signet platform has the ability to make instantaneous payments in U.S. dollars, any time without transaction fees.”
Signature Bank is a commercial bank. It also offers equipment finance and leasing, brokerage, and asset management services through its subsidiaries.
The bank has 31 private client offices across the New York metropolitan area, Connecticut, and San Francisco.
Prime Trust powers exchanges, OTC desks, portals, brokers, exchanges, among others with API solutions.