Central Banking

Singapore unveils faster payments service


Singaporeans will be able to transfer funds from one bank to another "almost immediately" through a new electronic payments service that will launch later this year.

The service – Fast And Secure Transfers (Fast) – was unveiled by The Association of Banks in Singapore (ABS) today. It will operate 24 hours a day, seven days a week, and customers will be able to transfer up to S$10,000 ($7,900) in each transaction.

VocaLink, the company behind the UK's Faster Payments and winner of the Central Ban

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