Signet payments are payments between wallets at Signature Bank NY via their private blockchain. Signet payments are settled in real time, and do not have daily or weekend cut-offs.
Signet wallets are linked to a demand deposit account (DDA) at Signature Bank NY, where funds are deposited from and withdrawn to. A Signet payment flow typically involves 3 different payments.
- A deposit moves funds from the linked DDA → the Signet wallet.
- A transfer moves funds between two Signet wallets.
- A redeem moves funds from the Signet wallet → the linked DDA.
To learn more about Signet and wallet payments, you can talk to one of our payments advisors, or reach out to your CSM.
Updated over 1 year ago