09 October 2015
FAST - A platform for innovation
In March 2014, Singapore implemented Fast And Secure Transfers (FAST). The aim of the project was to modernise the Singapore payments system and to facilitate immediate payments between participating banks. Following continued growth in customer numbers and transfer volumes, payment limits have been increased and real-time debit requests have been implemented. Recently, five more banks have joined.
FAST is an electronic funds transfer service that enables the customers of participating banks to transfer funds from one bank in Singapore to another almost instantly. The service, which was launched in March 2014, heralds a new era in electronic payments in Singapore.
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