Signature Bank adds Fedwire capability to its Signet™ digital payment platform, enabling instant remittances through its application programming interface

NEW YORK–(BUSINESS WIRE)–signature bank (Nasdaq: SBNY), a New York-based full-service commercial bank, today announced the launch of a new feature that allows its customers to initiate real-time Fedwire transactions via its blockchain-based digital payments platform. Seal™, directly through its application programming interface (API). The addition of this Fedwire capability allows Signet customers to execute both Signet blockchain and traditional Fedwire payments through one API, giving customers more flexibility in automating treasury management workflows via Signature Bank’s integrated payments service .

Signet API connectivity allows customers to integrate Signet’s instant payments directly into their systems and workflows to access all transactional functionality. API integration offers Signet customers the opportunity to increase their levels of financial control and operational efficiencies in the form of speed and security when integrating the bank’s digital payments platform directly into their products and services. API advances have been revolutionary for Signet users, and Signet continues to attract a growing number of clients, depots, and ecosystems.

“Our Signet API customers continue to demand fast and secure money transfers and are looking to streamline their payment technology stack across a range of digital payment tracks as well as legacy payment options. The addition of Fedwire API functionality to Signet’s real-time settlement network expands its payment reach and results in a full US dollar payments platform. We continue to listen closely to our customers and respond directly to meet their ever-changing, evolving needs to further improve their business operations. We believe this new API Fedwire feature will increase adoption and increase Signet volume. Since our launch of Signet, the bank has been at the forefront of financial technology, and we will continue to find ways to enhance the technology offerings we offer our customers,” said Joseph J. DePaolo, co-founder, president and chief executive officer at Signature Bank .

FTX.US, a US-regulated cryptocurrency exchange, is among those benefiting from Signet. Sam Bankman-Fried, CEO and Founder of FTX, commented on the bank’s new Fedwire remittance capability: “Partnering with Signature Bank, an established financial institution and fintech pioneer, will allow us to continue to grow our business by leveraging all the benefits and leverage key aspects of Signet. The implementation of an API-enabled, blockchain-based digital payment platform to initiate blockchain transactions and Fedwire transactions via Signet is just the latest step in revolutionizing the payments industry through the power of blockchain technology.”

About the signature bank

signature bank (Nasdaq: SBNY), a member of the FDIC, is a full-service commercial bank headquartered in New York 38 private customer offices throughout the New York metropolitan area, as well as in Connecticut, California and North Carolina. Through their single point of contact approach, the bank’s private client banking teams primarily serve the needs of private companies, their owners and executives.

The bank has two wholly owned subsidiaries: Signature Financial, LLC, which provides equipment financing and leasing; and Signature Securities Group Corporation, a licensed broker-dealer, investment adviser and member of FINRA/SIPC, offers investment, brokerage, wealth management and insurance products and services.

Since commencing operations in May 2001, Signature Bank had assets of $118.45 billion as of December 31, 2021. With $106.13 billion in deposits at the end of 2021, Signature Bank placed 19th At S&P Globals List of the largest banks in the US based on deposits.

Signature Bank was the first FDIC-insured bank to adopt a blockchain-based digital payments platform. Seal™ enables real-time US dollar payments for commercial customers 24/7 and was also the first solution approved for use by the NYS Department of Financial Services.

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This press release and, from time to time, oral statements by our representatives forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements because they involve numerous risks and uncertainties related to our business and operating environment, all of which are difficult to predict and may be beyond our control. Forward-looking statements include information about our expectations regarding future results, interest rates and the interest rate environment, loan and deposit growth, loan performance, operations, new retail teams and other hires, new office openings, business strategy and the impact of the COVID-19 pandemic on each of the the foregoing and our business as a whole. Forward-looking statements often contain words such as can, believe, expect, anticipate, to intend, “Potential”, “Opportunity”, “Could”, “Project”, “Aim”, “Goal”, “Objective”, “Should”, “Will”, “Would”, to plan, estimate or other similar expressions. When you consider any 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 contained in the forward-looking statements and are subject to change as a result of many possible events or factors, all of which are not known to us or are not under our control be able. These factors include, among others: (i) prevailing economic conditions; (ii) changes in interest rates, credit demand, real estate values ​​and competition, each of which may materially affect the level of lending and sales revenue in our business and other aspects of our financial performance, including income from interest-bearing securities assets; (iii) the level of defaults, losses and prepayments on loans we originate, whether held in the portfolio or sold in the secondary whole loan markets, which may materially affect the level of charge-offs and the level of loan loss provisions required; (iv) changes in US government monetary and fiscal policies, including the policies of the US Treasury Department and the Board of Governors of the Federal Reserve System; (v) changes in the regulatory environment for banking and other financial services, (vi) our ability to maintain the continuity, integrity and security of our operations, and (vii) competition for qualified staff and desirable office locations. All of these factors are subject to additional uncertainties related to the COVID-19 pandemic, which is having an unprecedented impact on all aspects of our business, the financial services industry and the economy at large. Additional risks are described in our quarterly and annual reports filed with the FDIC. Although we believe that these forward-looking statements are based on reasonable assumptions, beliefs and expectations, our business, financial condition, liquidity or results of operations could differ materially from those expressed if a change occurs or if our beliefs, assumptions and expectations are incorrect in our forward-looking statements. You should remember that any of Signature Bank’s forward-looking statements speak only as of the date on which they are made. New risks and uncertainties arise from time to time and we cannot predict these events or their impact on the Bank. Signature Bank has no obligation and does not intend to update or revise any forward-looking statements after the date on which they are made.

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