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Dollar settlement, the back-end process of finalizing money transfers between financial institutions, does not have to stop when conventional banking hours end.
That premise sits at the center of a deal announced Thursday between SoFi Technologies and Payward, the parent company of crypto exchange Kraken, connecting the two companies' financial infrastructure and adding SoFi's digital dollar token to Kraken's platform.
What was signed Payward will join SoFi's dollar settlement system, formally called the SoFi Exchange Network, or SEN. Membership gives Kraken's institutional clients the ability to clear and settle U.S.
dollar transactions at any time, a capacity the conventional banking system has not historically offered outside business hours.
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