Rivals Signature Bank and Prime Trust Team offer instant payments for institutions

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Crypto banking competitors Prime Trust and Signature Bank have teamed up to target institutional clients.

Signature announced Monday that it will combine its Signet payment platform with Prime Trust’s multi-asset settlement platform to create a new service that provides “real-time” billing for digital asset trading.

“Every commercial customer of Signature Bank who participates in the Signet platform has the opportunity to make instant payments in US dollars at any time and with no transaction fees,” said Joseph DePaolo, President and CEO of Signature Bank, in a press release. “The relationship we have established with Prime Trust will enable their customers to process their transactions instantly through the revolutionary Signet platform.”

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The service enables institutional customers of both companies to make payments directly to each other at any time, without third parties or transaction fees.

The signet system was implemented in December 2018 after Win approval from the New York State Department of Financial Services (NYDFS). It opened on January 1, 2019 to Signature’s commercial customers who require a minimum account balance of $ 250,000. In February the bank already did asserts Having more than 100 customers on board, sending millions of dollars in crypto transactions every day.

State-licensed trust company Prime Trust started its settlement network as an alternative to Signature as early as July. After generally attracting a stock market clientele including Bittrex and Huobi, it is the only publicly known financial services provider for Binance.US, Binance’s American affiliate.

The list of banks willing to partner with cryptocurrency companies remains short when it comes to compliance and risk concerns. Therefore, the market shares are mostly concentrated on a handful of specialized providers, where competition is intensifying.

Related: Coinbase CEO Armstrong wins patent for technology that enables users to send Bitcoin via email

The CEX.io cryptocurrency exchange using Signature Bank touched some of its retail and minor payment transactions to rival banking provider Silvergate as early as November. Prime Trust dropped Custody fees set to zero last January, underperforming most competitors who charge between four and 10 basis points per month.

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