In a press release on Monday (Jan. 6), the companies revealed that Prime Trust's Prime Settlement Network will integrate with Signature Bank's Signet platform to enable real-time digital asset trades for Prime Trust's institutional clients. Institutional clients of each bank will be able to make real-time payments to each other, they added.
The Prime Settlement Network is a multi-asset counterparty settlement platform. The Signet integration will incorporate its real-time digital payments blockchain platform, as well as add real-time payments and settlement functionality, into the network.
"This relationship we have forged with Prime Trust will allow their clients to immediately settle their transactions through the revolutionary Signet platform," said Signature Bank President and CEO Joseph DePaolo. "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. Prime Trust's institutional clients requiring immediate settlements for digital asset trades truly stand to benefit from Signet's capabilities."
“Forging a client relationship with Signature Bank, and capitalizing on the advantages of Signet will prove valuable to our company and clients," added Prime Trust COO, CTO and Executive Trust Officer Whitney White. "Signature Bank has established a proven track record in the blockchain payment space, and is now recognized 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."
Separate reports indicated that the banks' tie-up is noteworthy, considering they are traditionally positioned as rivals in the digital currency banking arena, providing financial services to businesses that operate with cryptocurrency. The reports also noted that many traditional financial institutions find digital currency too risky to service.
Prime Trust launched its settlement network in July as a competitor to Signature, which introduced Signet in 2018 after securing approval from the New York State Department of Financial Services.