News Column

Singapore's interbank fund transfers to go faster

February 26, 2014

Singapore's money transferring from one bank to another is likely to take minutes very soon, while earlier GIRO system used to take upto three days for the fund transfer. According top Ong-Ang Ai Boon, director of The Association of Banks in Singapore, there has been increasing demand by customers and businesses for a faster and more efficient transfer of funds, where the recipient can receive funds faster than currently being provided by the internet banking service at this moment.

The new electronic funds transfer service called Fast and Secure Transfers (FAST) is projected to be available by the mid of this year, which would allow customers to move funds of up to SGD 10,000 per transaction between participating banks immediately. It can be used after office hours, and on weekends and public holidays.

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Source: IntelliNews - Weekly Reports

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