Singapore financial institutions adopt new service

Tuesday 18 March 2014 00:56 CET | News

Financial institutions in Singapore have adopted a new service, dubbed Fast And Secure Transfers (FAST), that enables fund transfers between banks.

The Association of Banks in Singapore claims FAST is introduced as a response to the demand from consumers and businesses for funds transfer solutions.

Currently, funds transfers work on GIRO, a system which has been operational for 30 years. Consumers looking to transfer funds may also have to spend time searching for additional information, such as the recipients bank and branch codes. Using FAST, consumers will only need to enter the recipients name and bank account number.

OCBC Bank says it has seen the transaction volume of online banking funds transfer increase by 64% since 2011. However, FAST caps transfers at SGD 10,000 per transfer and it is limited to domestic transactions. Moreover, FAST is a SGD service, meaning it allows one to do funds transfers in SGD, and within the participating banks in Singapore only.

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Keywords: Singapore, financial, institutions, FAST, online, banking
Categories: Banking & Fintech
Countries: World
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