Why It Matters

Answers needed on Giro goof-up

Financial institutions are among the most progressive companies in terms of adopting and harnessing technology. So, it is somewhat ironic that insurer Prudential Singapore and its payment bank Standard Chartered were caught out by a goof-up in Giro deduction - an old but tested cashless payment mode that was in existence when banks were still using telex for money transfers.

To recap, a number of Prudential Singapore policyholders had Giro deductions from their bank accounts in excess of their premiums last Thursday. In some cases, the amount deducted was more than their bank balances, resulting in failed transactions.

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A version of this article appeared in the print edition of The Straits Times on June 01, 2018, with the headline 'Answers needed on Giro goof-up'. Print Edition | Subscribe