Singapore Gulf Bank has introduced round-the-clock US dollar settlement through BNY, allowing eligible corporate and retail customers to complete qualifying payments at weekends and on US public holidays.
The move means clients can settle selected dollar transfers outside traditional US banking hours, including for account funding, corporate payables and urgent cross-border treasury transactions. Singapore Gulf Bank said it is among the first financial institutions globally to adopt BNY’s 24/7 USD Book Transfers service.
Payments can be settled at any time between eligible accounts held directly with BNY or through participating correspondent banks within the network.
The service is aimed at businesses operating across several time zones, where the wait for US banking hours can create delays in liquidity management and settlement. It also expands Singapore Gulf Bank’s correspondent banking links across the Gulf, Asia and other international markets.
“Our clients operate across markets and time zones, and their business needs do not always fall within traditional U.S. banking hours,” said Singapore Gulf Bank Executive Vice Chairman Ali Moosa.
For treasury teams in the Gulf, Asia and elsewhere, continuous access to dollar settlement could make cross-border cash management more straightforward by removing restrictions linked to overnight periods, weekends and US public holidays.
The development also has significance for cryptocurrency markets, where the ability to move dollar-backed assets at any time has been one of the main attractions of stablecoins including USDC and USDT.
Traditional banking systems have generally paused or limited settlement outside working hours, while stablecoins can be transferred globally at any time. BNY’s service does not reproduce permissionless blockchain settlement, as transfers remain restricted to eligible institutions and accounts connected to its participating banking network.
However, continuous settlement narrows part of the operational difference between conventional banking and digital assets. As banks upgrade payment infrastructure, stablecoins may increasingly compete on programmability, international accessibility and onchain integration rather than simply their ability to operate around the clock.
BNY said the service would give institutions greater flexibility in managing liquidity and meeting urgent financial commitments.
“Round-the-clock USD settlement gives institutions greater agility in managing liquidity and fulfilling urgent financial obligations,” said Bana Akkad Azhari, EMEA head of global payments and trade at BNY.
The launch comes as financial markets move towards faster settlement while cryptocurrency markets continue to operate continuously. It also signals that always-on settlement is no longer exclusively associated with crypto.
The expansion of 24/7 dollar infrastructure could therefore affect one of the areas where stablecoins have traditionally held a clear advantage over conventional banking services.
