Bank customers soon able to make inter-bank fund transfers almost instantly

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http://www.businesstimes.com.sg/premium/singapore/fast-way-bank-customers-transfer-funds-20140225

Bank customers will soon be able to transfer funds electronically from one bank to another almost immediately.

Currently, instant fund transfers happen only for transactions between accounts held in the same bank.

The Association of Banks in Singapore said yesterday that a new electronic funds transfer service will be made available to customers here by the middle of this year.

FAST, or fast and secure transfers, will allow customers to transfer funds from one participating bank to another almost immediately. Users will know within minutes whether the funds have been successfully transferred.