Fast & Secure Transactions, generally known as FAST is a mode to instantly transfer funds between participating banks in Singapore securely. This electronic funds transfer service makes it easy and convenient for customers to manage their finances in one place.
Prior to FAST, the payment infrastructure in Singapore could take up to 2-3 working days for interbank funds transfer. Instant and seamless mobile transfers were only possible with a new payments infrastructure that connected interbank payment stacks across the country. Soon, a solution by the Monetary Authority of Singapore came up that could be accessed from laptops or mobiles 24X7 enabling 26 participating banks and 7 non-financial institutions to transfer up to $10,000 per transaction.
FAST can be used to transfer funds between customer savings accounts, current accounts, or e-wallet accounts, the status of which can be accessed by your bank account via internet banking or notification service.
FAST enables almost immediate receipt of money
FAST allows you to transfer Singapore Dollar funds between participating banks and NFIs.
The transfers can now happen almost instant that usually took time around 3 days to be executed previously.
You can transfer any amount upto S$200,000 per transaction via FAST, that covers large use payment use cases.
Get instant money transfers to any participating bank or NFIs.
Corporate payouts can be processed with ease now. These include Dividends, bonuses, salaries, and other payouts that might come across.
Receive payments from your customers directly, securely, and instantly to your linked account.
Facilitate easy payments to merchants via FAST instantly, round the clock.
Save the hassle of waiting days to pay your peers. Send money instantly via bank account transfer.
Why Decentro’s stack for FAST Transfer?
Fully flexible API-based flow for registration and presentation.
Improved Reconciliation by letting Debits flow into a customer's Virtual account.
Callbacks for registration as well as debits and credits into the mapped VA.
Sub-merchant onboarding for all clients on their own handles.
Unlimited rollover of unused API hits with Multiple banking partners.