N3XT, Founded by Former Signature Bank Chairman, Launches Instant Cross-Border Payment Service After Securing Wyoming Approval

Odaily News: N3XT Bank, founded by former Signature Bank Chairman Scott Shay, has received regulatory approval from the state of Wyoming to launch an instant cross-border payment service for non-customers, directly competing with the SWIFT network.

N3XT adopts a tokenized cross-border payment solution, allowing customers to send US dollars to any recipient 24/7, while conducting anti-money laundering screening on recipients' digital wallets through a "Know Your Wallet" process. Unlike traditional banks, N3XT holds all deposits in cash or short-term Treasury bonds and does not engage in lending, ensuring instant liquidity. Signature Bank collapsed during the regional banking crisis of 2023.