Soon, banking customers will be able to transfer funds from one bank to another within minutes, instead of days.
The Association of Banks is piloting a new electronics funds transfer service, known as Fast and Secure Transfers, or FAST in short.
Its Director Ong-Ang Ai Boon explains the benefits of this new service.
"It's another additional option available to bank customers who can use the internet bank funds transfer except that recipients can receive the funds almost instantaneously. This FAST service is available 24/7 or 365 days of a year."
Currently, bank transfers can take up to three working days.
FAST will be available to customers of fourteen participating banks by May.
These banks include DBS Bank, OCBC Bank and United Overseas Bank.
With FAST, customers can transfer up to $10,000 each time, subject to daily or monthly withdrawal limits set by individual banks.
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