Singapore Gulf Bank Adopts BNY's 24/7 USD Settlement Service

Singapore Gulf Bank has adopted the 24/7 USD book transfer service from BNY Mellon, 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 being settled at any time between accounts held directly at BNY or eligible accounts held by correspondent banks connected to the network. Singapore Gulf Bank stated that it is one of the first financial institutions globally to adopt this system. Bana Akkad Azhari, Head of BNY's Global Payments and Trade business for EMEA, noted that around-the-clock USD settlement enhances institutional liquidity management and flexibility in meeting urgent financial obligations. This service is available only to eligible institutions and accounts and does not replicate unlicensed blockchain settlement models.

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