DBS to launch FAST service for faster interbank funds transfer

See benefits for consumers and companies.

DBS announced that over 4.6 million DBS corporate and retail customers can take advantage of faster and more convenient interbank funds transfer with the launch of FAST (Fast and Secure Transfers) on 17 March 2014.

FAST is a new electronic funds transfer service which allows Singapore dollar funds to be transferred almost immediately between accounts of 14 participating banks in Singapore.

Listing the benefits of FAST to consumers, DBS said that for the first time, DBS retail customers will be able to send personalised SMS notifications to payees when they use FAST to transfer funds.

Consumers 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.

Meanwhile, companies will continue to receive notifications via email when a FAST funds transfer to their accounts is received or effected.

Companies 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.

Firms 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.

Mr Sim S Lim, Singapore Country Head, DBS Bank said: “Increasingly, customers expect to be able to execute their payments and funds transfers at a pace that is in keeping with their lifestyle. We are pleased to have been a part of this strategic initiative to develop a new generation payment system, bringing greater convenience and benefits to retail consumers and companies. Funds transfers via our retail and corporate internet banking platforms grew by over 13% from SGD396 billion in 2012 to SGD450 billion in 2013. We expect this to continue to grow."