Home » FinTech » Signature Bank Partners Arca Labs to Boost Digital Payment Platform

Signature Bank Partners Arca Labs to Boost Digital Payment Platform

Arca 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.

Egyptian e-commerce Platform zVendo Lands 6-figure Seed Round 

“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.