Five more banks will now allow customers to tranfer Singdollar funds almost immediately between the accounts of the participating banks from today.
Bank of China, BNP Paribas, The Bank of Tokyo-Mitsubishi UFJ, Hong Leong Bank and Mizuho Bank will join 14 other banks in offering the Fast And Secure Transfers (FAST) service, said the Association of Banks in Singapore (ABS) in a statement.
There has been a steady increase in customers using the round-the-clock electronic fund transfer service since its launch in March last year, said the association, with 18 million transactions recorded.
FAST facilitates person-to-person payments, instead of using cash or writing cheques. Customers can receive confirmation of fund transfers within minutes, instead of having to wait a few days for a cheque or Interbank Giro transaction to clear.
The limit for FAST payments was increased to $50,000 per transaction in May. "This has allowed more scope to make payments via FAST, especially for businesses," said the ABS.
Bank customers can refer to the ABS website at www.abs.org.sg/FAST.php for more information.
Chong Koh Ping