Singapore Gulf Bank has adopted BNY's 24/7 USD Book Transfers service, giving eligible corporate and retail clients the ability to settle qualifying dollar payments outside standard U.S. banking hours, including weekends and U.S. public holidays. The bank is among the first financial institutions globally to adopt the system.
The service enables USD transfers to settle at any time between eligible accounts held directly with BNY or through correspondent banks enrolled in the network. It can be used for account funding, corporate payables, and time-sensitive cross-border treasury transactions.
Addressing Cross-Border Liquidity Challenges
For companies operating across multiple time zones, the ability to settle outside traditional banking hours removes delays that can create liquidity constraints. Singapore Gulf Bank's Executive Vice Chairman Ali Moosa noted that "clients operate across markets and time zones, and their business needs do not always fall within traditional U.S. banking hours." For treasury teams in the Gulf, Asia, and other international markets, the service could simplify cross-border cash management.
Implications for Stablecoins
A central advantage of dollar-backed stablecoins such as USDC and USDT has been their ability to move globally at any hour, while conventional banking infrastructure typically pauses overnight or during weekends. BNY's 24/7 settlement reduces part of that operational gap, though transfers remain limited to eligible institutions and accounts within its participating banking network, unlike permissionless blockchain settlement.
As banks modernize payment infrastructure, stablecoins may increasingly compete on programmability, global accessibility, and onchain integration rather than simply being available around the clock. BNY's head of global payments and trade for EMEA, Bana Akkad Azhari, stated that "round-the-clock USD settlement gives institutions greater agility in managing liquidity and fulfilling urgent financial obligations."
