From today onwards, customers of 14 banks in Singapore can do instant fund transfers between accounts held in different banks. The interbank transfer will be free for retail customers while charges will apply for corporate users.
According to AsiaOne, the 14 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 Corp and United Overseas Bank.
The instant interbank transfers, called FAST for fast and secure transactions, can be done both online and mobile for most banks, but OCBC Bank said customers can also do so at its ATMs.
Currently, instant fund transfers happen only for transactions between accounts held in the same bank. At present, it can take up to three working days for customers to transfer money from one banking account to another in a different bank. The service, accessible 24/7, allows customers to transfer up to S$10,000 a transaction between banks in minutes
“Apart from Internet banking, we are also offering FAST on our ATMs, thus making this service widely available and more convenient. This new service also removes the need for them to enter the bank branch code for the recipient, one of the key pain points experienced by customers previously.” – Pranav Seth, OCBC Bank’s head of e-business.
The Association of Banks in Singapore says FAST is introduced “in response to the increasing demand from consumers and businesses for funds transfer that is faster and more efficient”.
DBS, Singapore’s largest lender, says more than two million of their customers transact online, contributing 39,000 transactions or enquiries every hour.
FAST is also expected to help improve cash-flow management for businesses.
“So for example, to make a payment on the 10th, I don’t need to plan for it on the 7th or 8th. I just need to go on the 10th and make the payment,” added Pranav Seth.
Featured Image Credit: Straits Times