25 Feb '14, 9am

Inter-bank #transfers in minutes by mid-year #bank #ABS

BANKING customers will be able to transfer funds from one bank to another bank almost instantaneously with the launch of a new service by mid-year. The Association of Banks in Singapore (ABS) announced the launch of the electronic funds transfer service - which was first flagged in 2012. The service, known as Fast and Secure Transfers (Fast), will allow customers to use an Internet banking account at a participating bank to transfer funds to another participating bank in a matter of minutes. It is a speedier process than what is available now. It takes between two and three working days to do the inter-bank funds transfer using cheques or eGiro. The Fast service is also more convenient than conventional methods of funds transfer as it is available 24 hours a day, 365 days a year. "There's been demand from the public and businesses for a faster, more productive, more effici...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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