Singapore Gulf Bank adopts BNY's 24/7 USD settlement service, covering weekends and U.S. public holidays

Odaily News: Singapore Gulf Bank has adopted BNY's 24/7 USD ledger transfer service, allowing eligible corporate and retail clients to settle qualifying USD payments on weekends and U.S. public holidays.

The service supports account funding, corporate payables, and time-sensitive cross-border cash management transactions, with USD able to be settled at any time between eligible accounts held directly at BNY or through correspondent banks connected to the network. Singapore Gulf Bank stated that it is among the first financial institutions globally to adopt the system.

Bana Akkad Azhari, BNY's Head of Global Payments and Trade for EMEA, said that round-the-clock USD settlement can enhance institutions' flexibility in liquidity management and meeting urgent financial obligations. The service is only available to eligible institutions and accounts and does not replicate permissionless blockchain settlement models. (Bitcoin.com News)