eGIRO has been implemented for nearly 10 years and is quite successful. Here is an article about it.
My view
MAS can ride on the eGIRO infrastructure to allow customers to make one-off payments to business and individual payees, to replace the writing of cheques. They should also allow e-submission of GIRO authorisation using Sing Pass.
I am younger generation (27 yo)and I support your view on making electronic payment / bank trf more efficient among banks and reduce the redundancy involves in cheq clearing.
ReplyDeleteI disagree Paul Chan's opinion:
http://www.straitstimes.com/STForum/OnlineStory/STIStory_552233.html
because I guess he is probably just an inflexible middle-aged man who refused to adapt to newer technology.
I work in a bank for 4 years and never encountered any bank's failures in transfer.
Enets network does go down occasionally though based on my expereicne but impact is not serious
But when it comes to credit card bill pymt, intra/interbank a/c trf, Telegraphic transfer via PIB/BIB - as long as relevant info are keyed in correctly, no problem at all.
You are superb! Mr TAN!
With all the transactions being through electronically, banks are still charging hefty fee for services like TT or remittance. $20 for TT and not to mention the unfavorable exchange rate, the profit margin per transaction is really high.
ReplyDeleterex comments as follows,
ReplyDeletei wrote elsewhere about the frustrations of paying regular mantenance fee to condo MCST by cheque.
only DBS has the payEasy cheque system where you can put the payee name in the website and they despatch the physical cheque. other banks can;t do it!
what other banks can do: "funds transfer" method. It is terrible, you have to ask the bank account number of the payee organisation. i keyed in the wrong account numebr and my payment bounced i was charged 50 cents. It is very hard to key in the account number 12 digits correctly sometimes you dont know to key in the bank code too and branch code together with the acc number!! From the responsibility point of view, i think payer should not be asked to key in account numbers of companies, just the name of the company receiving the money should be enough. What a terrible giro system for bills payments!!
rex