The Association of Banks in Singapore (ABS) is pleased to announce the successful launch of FAST (Fast And Secure Transfers), the new electronic funds transfer service, on 17 March 2014. More than 33,000 transactions valued at S$64 million were processed on the first two days of operation.
The FAST service is operating smoothly and public feedback on FAST has been very positive.
Most banks allow the transfer of funds via FAST between customer savings and current accounts only. They do not provide for the transfer of funds between other types of accounts via FAST currently. For FAST transfers involving accounts other than savings and current accounts, bank customers can check the bank’s website or contact them on the availability of such a service before transferring the funds.
Bank customers can also refer to the ABS website at http://www.abs.org.sg/FAST.php for more information on the types of accounts that they can transfer funds to and from via FAST.
FAST is currently offered by 14 banks - ANZ Bank, CIMB Bank, Citibank, DBS Bank/POSB, Deutsche Bank, Far Eastern Bank, HSBC, Maybank, OCBC Bank, RHB Bank, The Royal Bank of Scotland, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank.
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