24-02-2014, 05:35 PM
That is a good news for Singapore bank users. The next question, will it still FOC?
New electronic funds transfer service allows quick interbank transfers
SINGAPORE — The Association of Banks in Singapore (ABS) today (Feb 24) announced a new electronic funds transfer service that will allow fund transfers between banks almost immediately,
Called the Fast And Secure Transfers (FAST), the new service will enable customers to complete interbank fund transfers between the 14 participating banks within minutes, shortening a process that can sometimes take up to three days.
The new service is slated for launch by the middle of this year as the participating banks continue their system upgrade.
“The 14 participating banks command over 90 per cent of the fund transfer volume in Singapore, which totals to around S$96 million annually,” director of ABS Ong-Ang Ai Boon said. “FAST was first announced in 2012... in response to the increasing demand from consumers and businesses for faster fund transfer services.”
When launched, FAST will be available anytime, “24/7 a day and every day of the year”, Mrs Ong said.
It does not however allow cross border transfer, she added. “It’s for Singapore dollar transfers between banks based in Singapore only.”
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.
http://www.todayonline.com/business/new-...-transfers
New electronic funds transfer service allows quick interbank transfers
SINGAPORE — The Association of Banks in Singapore (ABS) today (Feb 24) announced a new electronic funds transfer service that will allow fund transfers between banks almost immediately,
Called the Fast And Secure Transfers (FAST), the new service will enable customers to complete interbank fund transfers between the 14 participating banks within minutes, shortening a process that can sometimes take up to three days.
The new service is slated for launch by the middle of this year as the participating banks continue their system upgrade.
“The 14 participating banks command over 90 per cent of the fund transfer volume in Singapore, which totals to around S$96 million annually,” director of ABS Ong-Ang Ai Boon said. “FAST was first announced in 2012... in response to the increasing demand from consumers and businesses for faster fund transfer services.”
When launched, FAST will be available anytime, “24/7 a day and every day of the year”, Mrs Ong said.
It does not however allow cross border transfer, she added. “It’s for Singapore dollar transfers between banks based in Singapore only.”
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.
http://www.todayonline.com/business/new-...-transfers