I used DBS IDEAL (corporate e-banking) to make a payment to a payee with a UOB Bank Account. I had to find out the bank which is 7375 and account number 101-XXXXXXX. I was asked to enter the bank code and branch code, which I assumed to be 7375-101. The DBS IDEAL system rejected it saying that this combination is invalid. I checked and tried again and was rejected.
My staff called DBS who replied that it is an issue with UOB. So, I decided to abandon the internet payment and wrote a cheque. Later, my staff called the client and found that the branch should be 001.
Why should our internet banking system to be so complicated. Surely, they should just accept the bank code and account code and pass the details of the transaction to the payee's bank to sort out internally on its branch code?
In the meantime, I will ask the payee to give me the full code for the bank (4 digits), branch (3 digits) and the account code (number of digits vary according to each bank). It is important for our banking system to sort out the complications and make it easy for businesses to make internet banking payment.
My staff called DBS who replied that it is an issue with UOB. So, I decided to abandon the internet payment and wrote a cheque. Later, my staff called the client and found that the branch should be 001.
Why should our internet banking system to be so complicated. Surely, they should just accept the bank code and account code and pass the details of the transaction to the payee's bank to sort out internally on its branch code?
In the meantime, I will ask the payee to give me the full code for the bank (4 digits), branch (3 digits) and the account code (number of digits vary according to each bank). It is important for our banking system to sort out the complications and make it easy for businesses to make internet banking payment.
The 7 digit bank and branch / ACH code is a system devised by MAS for local GIRO clearing. It is similar to Europe's IBAN, UK's Sort code, Australia's BSB etc. It has to be followed specifically in order for the payment to reach your beneficiary. I don't think this is the fault of DBS or their internet banking.
ReplyDeleteIn your case, bank 7375 refers to UOB and the problem lies with the branch code. I have checked with my database and there is no such UOB branch with code 101. That is why your payment get rejected.
All banks arrange in some way in their account numbers to reflect the bank branch code. I have a set of those guides to show the actual codes and if you are interested, I can email you a copy.
That's weird. I use DBS IDEAL internet banking too but I've never had any issues with it. As long as you get the bank code, branch code, and account number right, everything is generally fine. If in doubt, could always call up the bank and ask for the code..
ReplyDelete@Jimmy, please contact me at kinlian@gmail.com. It is the 20 steps that I have to take leading to the authorization of the payment that is complicated and difficult. Maybe, you have less than 20 steps?
ReplyDeleteIt's a great blog about internet banking thanks for sharing the blog to know more about Internet banking ..
ReplyDeleteInternet banking