back Back

Signature Bank teams up with Arca Labs to boost digital payment platform

By Megha Bhattacharya

March 19, 2021

  • India
  • Signature Bank
Share

signature bankArca Labs, a part of digital assets investment firm Arca, has announced an agreement with Signature Bank that enables the Bank’s clients with access to the bank’s Signet digital payment platform, to initiate purchases of shares of the Arca US Treasury Fund from their Signet wallet.

“The pandemic had a dramatic effect on how investors view digital assets, and we need to keep the user experience top of mind in order to drive adoption,” said Jerald David, president of Arca Labs. “We believe that digital securities will eventually replace traditional securities because they’re flexible, secure and transparent, and can offer increased utility. This new relationship with Signature Bank is a great example of how integrated financial services are modernizing to serve investors and the ecosystem.”

According to Signature Bank, the integration is expected to boost customer experience through Straight Through Processing (STP) from a Signet wallet to the Arca US Treasury Fund, shortening the time to process a subscription to the Fund by avoiding the time-inefficient traditional wire/ACH of USD to a custody account and facilitating delivery of redemption proceeds from the Fund directly to a Signet wallet.

Last year, New York-based commercial bank Signature Bank teamed up with financial institution Prime Trust wherein the latter’s Settlement Network will utilise the Bank’s blockchain payments platform Signet. Signet is expected to allow Prime Trust to provide real-time payment and settlement services to its clients.

Arca is an asset management firm investing and innovating in digital assets. It aims to offer high-quality asset management products that meet the operational, compliance, legal, and regulatory standards needed for sophisticated investors to gain exposure to digital assets.

Previous Article

March 19, 2021

OCBC Bank launches facial verification system at ATMs

Read More
Next Article

March 19, 2021

Future FinTech partners with Shenzhen SOSOB Technology

Read More










IBSi Daily News Analysis

cloud adoption, MENA, UAE

May 26, 2023

India

Cloud adoption to boost UAE economy to $181bn by 2033

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 26, 2023

CBA upgrades banking app to deliver superior customer experience

Read More

May 26, 2023

EML Payments & Visa to offer digital gift card in US and Canada

Read More

May 26, 2023

6 FinTech tweets you should see!

Read More

Related Reports

Sales League Table Report 2022

£1,500.00 / year

Know More
Global Digital Banking Vendor & Landscape Report Q1 2023

£1,500.00 / year

Know More
Wealth Management & Private Banking Systems Report Q1 2023

£1,500.00 / year

Know More
Global Transaction Banking Vendors and Landscape Report Q1 2023

£1,500.00 / year

Know More
Treasury & Capital Markets Systems Report Q1 2023

£1,500.00 / year

Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2022