With the new initiative by The Association Banks in Singapore (ABS), interbank transfers in Singapore will soon take minutes instead of days.
According to the ABS, a new electronic funds transfer service called FAST (Fast and Secure Transfers) will be launched by the middle of this year.
FAST will enable customers to immediately transfer funds of up to S$10,000 (US$7,898) per transaction, subject to daily or monthly withdrawal limits set by individual banks. This service is faster than the current system, which can take up to three working days for customers to transfer money from one bank account to another across banks.
FAST will be available to customers from 14 participating banks in Singapore. The banks include 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 Bank.
FAST was developed "in response to the increasing demand from consumers and businesses for faster funds transfer services," said Ong-Ang Ai Boon, Director of ABS. She added that the service is currently "undergoing a pilot test and that more information on the use of FAST will be provided nearer to its launch."