Rolled out yesterday, fourteen banks in Singapore has introduced real-time interbank funds transfer. The new service dubbed as FAST ( Fast and Secure Transfers ) was introduced "in response to the increasing demand from consumers and businesses for funds transfer that is faster and more efficient", says The Association of Banks in Singapore.
The new function is currently free of charge for retail customers and $0.50 for corporate accounts. But starting June 2014, fees could be increased to $10 per transaction.
FAST has currrently capped transfers of up to $10,000 which could be done online, on mobile apps and some ATMs.
Previously, instant funds transfer is only available between accounts of the same bank and transactions of different banks would take two to three working days.
The 14 banks included 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.
This advanced payment system is 3rd in the world after South Korea and the UK. The Association of Banks in Singapore did not disclose the cost of FAST system, but analysts estimate that this kind of infrastructure could be worth more than S$100 million.
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