TransferWise Takes Another Leap In The Right Direction in Singapore
Updated: Dec 23, 2020
TransferWise connects to Singapore SGD Clearing! A win for faster online money transfers and e-payments in Singapore.
December 2, 2020 TransferWise co-founder CEO, Kristo Kaarmaan, announced that TransferWise will connect directly to the SGD Instant Clearing in February 2021. What this means, money transfers to and from Singapore will be instant.
The is great news for any individual or business transferring money and a major milestone for e-payments!
TransferWise has endured success after success in a very competitive field of new money online transfer companies. TransferWise continues to take on traditional methods to provide a better user experience for those who transfer money in and out of Singapore.
The backing of the Monetary Authority of Singapore (MAS) further solidifies the backing of an authoritative entity to adhere to the technological changes in this space. The MAS has stated that non-bank financial institutions (NFIs) that have been approved such as TransferWise will have access to the banking systems’ retail payment infrastructure. Access to this infrastructure removes another barrier of transaction speeds, costs, and security.
TransferWise is also part of the DFWG Direct FAST Working Group in Singapore which comprises several associations such as ABS (Association of Bank in Singapore), banks, and fintech companies.
The added bonus of this announcement enables a solid win for e-payments processing.
Direct connection to FAST(Fast And Secure Transfers) and PayNow will enable users of NFI e-wallets (TransferWise) to make real-time funds transfers between bank accounts and e-wallets as well as across different e-wallets. Currently, most e-wallets require the use of debit or credit cards to top-up funds, and funds transfers between e-wallets are not possible.
FAST is an electronic funds transfer service that enables customers of participating entities to transfer Singapore dollar funds from one entity to another instantly.
PayNow is an overlay central addressing service that runs on top of the FAST payment system. PayNow allows consumers and businesses to make instant payments across accounts using a proxy such as a mobile number, NRIC/FIN number, or Unique Entity Number (UEN).
FAST and PayNow have served the needs of most consumers and business users. FAST transaction volumes have averaged more than 12.5 million per month in the last quarter (Jul to Sep 2020). PayNow monthly transaction volumes now account for almost half of all FAST transactions.