Singapore Gulf Bank Adopts BNY’s 24/7 USD Settlement Service
- Singapore Gulf Bank has implemented BNY’s round-the-clock USD Book Transfers service.
- This service allows eligible corporate and retail clients to settle dollar payments outside standard U.S. banking hours, including weekends and holidays.
- The system is designed for account funding, corporate payables, and cross-border treasury transactions.
- Transfers are limited to eligible accounts within the participating banking network.
- BNY’s initiative narrows the operational gap between traditional finance and stablecoins by offering continuous settlement options.
The adoption of BNY’s always-on USD settlement service by Singapore Gulf Bank marks a significant shift in traditional finance, as it begins to offer features previously exclusive to cryptocurrencies like stablecoins. This move enables institutions to manage liquidity more flexibly across different time zones without waiting for U.S. banking hours.
As banks like Singapore Gulf Bank adopt such services, the competitive edge of stablecoins in terms of availability around the clock may diminish, pushing them to focus on other advantages like programmability and global accessibility.(Source)
