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June 29, 2017

Association of Banks in Singapore launches new instant fund transfer service

The Association of Banks in Singapore (ABS) has unveiled a new peer-to-peer funds transfer service that allows interbank transfers using mobile phone numbers.

The new service, dubbed PayNow, eliminates the need for consumers to know the bank account number of the recipient when making the transfer. It will enable sender to transfer funds through FAST (Fast and Secure Transfers), using just recipient’s mobile number or NRIC/FIN, almost instantly.

To receive funds using PayNow, users will have to link their mobile and NRIC numbers to their accounts, either on the bank’s website or through its mobile app.

The service will go live on 10 July 2017 and will available to customers’ of the participating banks – Citibank, DBS, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.

These seven banks account for nearly 90% of retail banking volume between them in Singapore.

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