SINGAPORE: A new nationwide eGIRO service was launched on Monday (Nov 8) to fully digitise the current paper-based GIRO process and allow applications to be processed within minutes.
First introduced in 1984, GIRO is an electronic direct debit mechanism that allows individuals to set up recurring bill payments from their bank accounts. These can be payments for personal income tax, mobile phone bills, season parking and school fees, among others.
Currently, the application process is manual and takes an average of three weeks. It can go up to six weeks if further clarifications are needed, said Deputy Prime Minister Heng Swee Keat as he launched the new initiative at the Singapore Fintech Festival x Singapore Week of Innovation and Technology 2021.
On average, about 1 million GIRO applications are made in Singapore every year.
The Association of Banks in Singapore (ABS) said in a separate press release that the new eGIRO service is built on “API (application programming interface) and cloud-based architecture, which will allow the solution to quickly scale to accommodate the needs of all banks and billing organisations in Singapore”.
It added that eGIRO will be progressively offered by eight major banks and 13 billing organisations in its initial phase.
These banks are DBS, OCBC, UOB, Bank of China, HSBC, Industrial and Commercial Bank of China, Maybank and Standard Chartered Bank.
The billing organisations range from different business segments, such as the Central Provident Fund Board, Housing Development Board, GrabPay, Singtel Dash and Etiqa Insurance Singapore.
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