OVER 4.6 MILLION DBS CORPORATE AND RETAIL CUSTOMERS CAN EXPECT
FASTER INTERBANK FUNDS TRANSFER WITH THE LAUNCH OF FAST
DBS retail customers now have the option to send
personalised SMS notifications to payees
Singapore, 10 March 2014 – Over 4.6 million DBS corporate and retail customers can enjoy 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.
Benefits to consumers
For the first time, DBS retail customers will be able to send personalised 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.
Benefits to companies
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.
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.”
DBS was one of the key players in introducing Interbank GIRO in 1984 and led the industry in the adoption of electronic payments through initiatives such as allowing customers to set up GIRO instructions via iBanking and self-service platforms such as AXS stations. Over the years, the bank has also innovated its online payment offerings to increase customer convenience, efficiency and promote a cashless society. More than one million transactions take place via DBS internet banking platform every day. Over the last three years, the number of internet banking customers has increased by close to 25 percent to over 2 million customers. The bank has the highest number of iBanking and mBanking users in the country. Its award-winning regional corporate internet banking platform, DBS IDEAL 3.0 has over 80,000 corporate users and an average monthly throughput of 3 million transactions in Singapore alone.
How to use FAST
Retail customers can conduct FAST transactions via DBS/POSB internet and mobile banking platforms. FAST is also available at all DBS/POSB branches and SME Banking centres. Companies can access FAST via DBS’ award winning corporate internet banking platform, DBS IDEAL 3.0.
DBS customers can look forward to a series of promotions at the launch of FAST to encourage them to try the new service and benefit from the improvements offered. The bank will launch a month-long campaign to educate and reward retail customers for using FAST. Retail customers will also enjoy complimentary usage of the personalised SMS service as part of a limited period launch promotion. Corporate customers will be able to enjoy preferential rates when they use FAST, in the first six months.
DBS - Living, Breathing Asia
DBS is a leading financial services group in Asia, with over 250 branches across 17 markets. Headquartered and listed in Singapore, DBS has a growing presence in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's capital position, as well as "AA-" and "Aa1" credit ratings, is among the highest in Asia-Pacific. DBS has been recognised as “Asia’s Best Bank” by The Banker, a member of the Financial Times group, and “Best Managed Bank in Asia-Pacific” by The Asian Banker. The bank has also been named “Safest Bank in Asia” by Global Finance for five consecutive years from 2009 to 2013.
DBS provides a full range of services in consumer, SME and corporate banking activities across Asia. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. These market insights and regional connectivity have helped to drive the bank’s growth as it sets out to be the Asian bank of choice. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 19,000 staff, representing over 30 nationalities. For more information, please visit www.dbs.com.