The Associations of Banks in Singapore (ABS) has announced the launch of a new electronic funds transfer service in Singapore by mid 2014.
The electronic funds transfer service, called FAST (Fast And Secure Transfers), will allow customers to transfer funds from one participating bank to another, with the chance to know within minutes whether the transfer has been successful.
Ong-Ang Ai Boon, director at ABS said: "The FAST initiative was first announced at the ABS’ Annual Dinner in 2012 in response to the increasing demand from consumers and businesses for faster funds transfer services.
"FAST is secure as it adopts the same security standards and businesses for faster funds transfer services.
"FAST is undergoing pilot tests, and ABS ands the banks will provide more information to customers on the use of FAST nearer to its launch".
Currently, it can take up to three working days for customers in Singapore to transfer money from one banking account to another across banks.
Customers from 14 participating banks, including Citibank, DBS Bank, Deutsche Bank, RBS and United Overseas Bank will have the chance to transfer funds up to SGD$10,000 ($7,900) per transaction subject to daily or monthly withdrawal limits set by individual banks.