Singapore Gulf Bank Launches Virtual Accounts to Reduce Payment Delays

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The post Singapore Gulf Bank Launches Virtual Accounts to Reduce Payment Delays appeared first on Coinpedia Fintech News

Singapore Gulf Bank has launched a new Virtual Accounts service for businesses to manage payments more easily. The system helps companies collect money, track payments, and match records in real time. 

Meanwhile, this makes payment work faster and reduces delays caused by manual processing.

Singapore Virtual Accounts Service Goes Live

According to the February 7 announcement, Singapore Gulf Bank introduced its Virtual Accounts framework to help corporate customers manage collections and outgoing payments more efficiently. The service is built for businesses that handle large transaction volumes and need faster visibility over incoming funds.

However, the bank said the new setup is designed to simplify treasury workflows by reducing reconciliation gaps and improving payment identification speed.

The new system combines collect-on-behalf-of and pay-on-behalf-of features within one account structure. Businesses can generate unique identifiers for each payer, invoice, or internal unit. This allows every payment to be automatically tagged and matched without heavy manual checking.

With structured account labels, finance teams can quickly track who paid and why, instead of reviewing mixed transfers line by line. This approach supports cleaner books and faster reporting cycles.

Designed to Reduce Manual Errors and Improve Speed

Many companies still depend on manual checks to track incoming payments. As payments grow, this leads to delays and more mistakes. 

Singapore Gulf Bank’s Virtual Accounts system is designed for real-time settlement and instant payment tracking. Every payment is clearly tagged, which helps record funds faster and more accurately. This reduces manual work and lowers the chance of human error. 

Because the framework runs under a single banking license across its operating markets, companies can use a unified account structure instead of managing separate, fragmented setups.

Used in a Crypto Mining Firm

The service is already being used by Fly Wing Technologies, a subsidiary of Matrixport. In this case, crypto mining clients convert digital assets into fiat and receive funds through the virtual account structure to pay operating costs like electricity bills.

SGB CEO Shawn Chan said, “Our core mission is to solve the structural frictions in the global financial system, and the launch of SGB Virtual Accounts is an important step in that journey.”