A new nationwide eGiro service that cuts the time taken to process Giro applications from weeks to just minutes was launched yesterday.
Instead of filling in paper application forms and mailing them, the fully digital service allows users to set up their automatic monthly payment instructions online, the Association of Banks in Singapore (ABS) said. It was announced yesterday morning by Deputy Prime Minister Heng Swee Keat at the Singapore FinTech Festival x Singapore Week of Innovation and Technology 2021.
Introduced in 1984, Giro is an electronic direct debit system for recurring bill payments from bank accounts.
Currently, when people apply to set up a Giro arrangement, they have to manually fill in paper forms and mail them to their billing organisation, which processes the applications and sends them to the bank.
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