A New York bank has received approval from local regulators for a digital blockchain payments platform.

The Department of Financial Services of New York (NYDFS) granted its approval to Signature Bank on 4 December. According to a press release, Signature Bank has the go-ahead to launch its platform called Signet in the state, which offers clients a 24/7, free-of-charge payment option.

It is essentially a peer-to-peer blockchain payment system for use between the bank’s clients, claiming to ”[eliminate] any dependence on a third party”.

NYDFS had several concerns about the platform prior to its investigation but is now reportedly satisfied Signet can comply with its rigorous regulatory expectations. This includes many of the standard know-your-customer (KYC) and anti-money laundering (AML) policies that all banks are subject to, as well as extensive consumer protection guidelines.