SINGAPORE: Transferring money from one bank in Singapore to another will soon take minutes, rather than days.
A new electronic funds transfer service called Fast and Secure Transfers (FAST) will be available by the middle of the year.
The service will let customers move funds of up to S$10,000 per transaction between participating banks immediately.
It can be used after office hours, and on weekends and public holidays.
The new service is faster than the current GIRO system, which can take up to three working days for customers to transfer money from one bank account to an account held at another bank.
Ong-Ang Ai Boon, director of The Association of Banks in Singapore, said: “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 14 participating banks currently cover more than 90 per cent of annual Internet banking transactions in Singapore.
The Association of Banks in Singapore said there are 96 million interbank GIRO transactions per year.
Adam Rahman, head of corporate affairs at Citi Singapore, said: "FAST is undergoing pilot testing. ABS and the banks will provide more information to customers on the use of FAST nearer to its launch by the middle of this year."
Similarly, HSBC said more details will be provided nearer to the launch.
DBS also said it is working closely with other participating banks on FAST and more details will be shared closer to the launch.
The 14 participating banks are ANZ Bank, CIMB Bank, Citibank, DBS Bank, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank. - CNA/xq
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