Over 4.6 million corporate and retail customers of DBS Bank can avail of convenient interbank funds transfer with the launch of FAST (Fast and Secure Transfers), which is a new electronic funds transfer service allowing Singapore dollar funds to be transferred almost immediately between accounts of 14 participating banks in Singapore. For the first time, DBS retail customers will be able to send personalized SMS notifications to payees when they use FAST to transfer funds. They also have the option of future dating FAST payment, up to 30 days in advance, and debiting their cards or Cashline account, in addition to their savings account. Retail customers will enjoy free funds transfer via FAST online. Companies will continue to receive notifications via email when a FAST funds transfer to their accounts is received or effected. They can also future date FAST payment, up to 90 days in advance. FAST will be offered to all customers who are transacting on DBS IDEAL3.0. Companies will be able to keep track and manage their cash flow more efficiently with this new payment method, since interbank funds will be almost immediately credited to their accounts. Currently, it takes up to two working days for funds to be transferred between banks electronically, while cheque payment takes one to two days. FAST is also available 24/7 while payment methods such as MEPS or cheques are processed during business days only. Payments can be managed more efficiently as FAST offers greater transparency of the payment types, which will significantly assist companies in reconciliation of payments.
