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FAST Payment

FAST (Fast And Secure Transfers) is Singapore's real-time interbank fund transfer service, enabling individuals and businesses to transfer SGD funds between participating banks almost instantaneously, 24 hours a day, 7 days a week.

⚡ Key Characteristics​

  • Real-time credit (typically within seconds) to the beneficiary account.
  • Available 24/7/365, including public holidays.
  • Supports SGD transfers only between participating FAST member banks.
  • Transaction limits and fees are set by each participating institution and customer channel.
  • Operated by Banking Computer Services (BCS), a designated payment system operator regulated by MAS.

🧾 Supported Transfer Types​

Transfer TypeDescription
Account-to-AccountDirect transfer using recipient's bank account number
PayNow (via FAST rails)Transfer using NRIC, mobile number, UEN, or VPA

🛠️ Operational Workflow​

  1. Initiating bank receives transfer instruction from customer (internet banking, mobile, or API)
  2. Transaction screening — AML, sanctions, and transaction limit checks
  3. Instruction formatted and transmitted to BCS FAST switch
  4. BCS routes instruction to receiving bank in real-time
  5. Receiving bank applies credit to beneficiary account
  6. Confirmation returned to initiating bank and customer notified
  7. Interbank obligations are settled through the scheme's settlement arrangements

🧮 Example Calculation​

Illustrative scenario: A customer transfers SGD 5,000 at 11:45 PM on a Sunday.

  • Instruction submitted: 23:45
  • Beneficiary account credited: normally almost immediately, subject to screening and system availability
  • Interbank settlement: processed under the FAST settlement timetable
  • Customer fee: determined by the initiating institution
  • FX conversion: Not applicable (SGD only)

📋 Compliance & Monitoring​

  • Real-time transaction screening against MAS sanctions lists and internal watchlists
  • Velocity checks — multiple transfers within short windows flagged for review
  • Suspicious transaction reports (STR) filed with the Suspicious Transaction Reporting Office (STRO) where required
  • Daily reconciliation of FAST credits and debits against BCS settlement statements
  • Adherence to MAS Notice 626 (AML/CFT for banks)
  • Participation governed by Association of Banks in Singapore (ABS) FAST rulebook