Key Highlights
- Singapore Gulf Bank (SGB) has added BNY’s 24/7 USD Book Transfers service to its payment capabilities.
- Eligible corporate and retail clients can make qualifying USD transfers outside traditional U.S. banking hours.
- Transfers are available between eligible accounts held directly with BNY or through participating correspondent banks.
Singapore Gulf Bank (SGB) has expanded its U.S. dollar payment services through BNY’s 24/7 USD Book Transfers solution, allowing eligible clients to make qualifying transfers outside traditional U.S. banking hours.
In an official announcement made on October 12, SGB said the service covers corporate and retail clients with eligible accounts held directly with BNY or through correspondent banks enrolled in the service. Qualifying transfers can be made on weekends and U.S. public holidays, subject to eligibility requirements.
The expansion gives clients another option for managing USD payments across different time zones. It comes as BNY develops services involving stablecoins, institutional digital asset custody, and potential crypto staking.
The Crypto Times has reached out to Singapore Gulf Bank and BNY for comment and has not received a response as of publication.
SGB adds round-the-clock USD transfers
According to the announcement, eligible clients can use BNY’s service for business payments, account funding, and time-sensitive treasury transactions. Availability depends on account eligibility and participation in the service. SGB has not disclosed transaction limits, fees, or settlement times for individual payment types.
SGB claimed it was among the first financial institutions globally to adopt BNY’s 24/7 USD Book Transfers solution.
SGB and BNY outline cross-border payment use cases
Ali Moosa, executive vice chairman of SGB, said clients operating across different markets need payment services that accommodate different time zones. “Our clients operate across markets and time zones, and their business needs do not always fall within traditional US banking hours,” Moosa said.
Bana Akkad Azhari, BNY’s EMEA head of Global Payments & Trade, said round-the-clock settlement could help institutions manage liquidity and meet urgent financial obligations. “Round-the-clock USD settlement gives institutions greater agility in managing liquidity and fulfilling urgent financial obligations,” Azhari said.
SGB previously partnered with Payward on USD settlement
On October 5, Payward, the financial infrastructure company behind Kraken, announced a partnership with SGB to provide selected institutional clients in Asia and the Gulf with 24/7 USD settlement.
The arrangement connects Payward to SGB Net, the bank’s real-time clearing network. SGB also plans to onboard Kraken Prime as an additional source of digital-asset liquidity.
The Payward partnership focuses on settlement for institutional digital-asset markets, while the latest announcement covers qualifying USD transfers through BNY’s book-transfer service.
BNY expands its digital-asset services
On June 29, BNY announced expanded USDC services through Circle, covering custody, minting, redemption and transfers for institutional clients.
Additionally, on October 8, BNY announced it is expanding its digital-asset custody platform to selected institutional clients in the European Union under the Markets in Crypto-Assets (MiCA) framework. The offering covers custody, administration, and transfer services for assets including Bitcoin, Ether, Solana, and USDC.
These services are separate from SGB’s USD payment arrangement with BNY.
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